News

ATO, Compliance

Penalty regime for promoters updated

ATO Promoter penalty regime PSLA 2021/1 Illegal early access superannuation

The ATO will have more time and a wider brief to target those who promote schemes to gain illegal early access to superannuation.

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Pensions, Retirement

Age pension falling short

age pension guaranteed income Allianz Retire+ Allianz Australia Adrian Stewart

The age pension is regarded as insufficient by most retirees, leading to a growing interest in working longer and securing guaranteed retirement income streams.

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BDBNs, Death benefits, Documentation

BDBNs still contain basic error

binding death benefit nomination BDBN SMSF Self-managed superannuation View Legal Matthew Burgess SIS Act

Errors are still being made on SMSF binding death benefit nominations with regard to naming a legitimate recipient of the deceased member’s benefits.

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ASIC

Adviser jailed for 12 years over $6m fraud

ASIC Ben Jayaweera Growth Plus Financial Group SMSF fraud

A former adviser found guilty of multiple fraud charges has received a 12-year jail term for his actions, which included accessing SMSF monies without permission.

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ATO, Trusts

Class updates trust income reporting

Class Trust Tim Steele ATO MTAS Modernisation of Trust Administration Systems Trust Income Schedule SMSF Self-managed superannuation

Class has updated the trust income reporting capabilities in its software to bring it in line with new ATO standards that now apply.

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Estate Planning

State laws can compromise EPOAs

Enduring power of attorney EPOA SMSF Self-managed superannuation View Legal Matthew Burgess

Differences in the legislation of each Australian state can significantly impact the effectiveness of an EPOA an SMSF has in place.

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LRBA, Property

No LRBA changes for property upgrades

Limited recourse borrowing arrangements LRBA Self-managed superannuation SMSF capital improvements rental properties petition Jim Chalmers

The government will not change the existing rules on using limited recourse borrowing arrangements to allow for energy-efficient improvements on rental properties.

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ASIC, financial advice

Ex-adviser guilty of $6m fraud

ASIC Ben Jayaweera Growth Plus Financial Group SMSF fraud

A former Brisbane-based financial adviser has been convicted of defrauding investors out of nearly $6 million after convincing them to withdraw money from their SMSFs.

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ETFs, Investments

BlackRock to offer US Treasury ETF

BlackRock Australia US treasury ETF ULTB James Waterworth Tamara Stats

Months after offering an Australian government bond ETF, Blackrock will also release a similar vehicle focused on US government bonds.

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Business News

Vale Greg Bright

Financial services media Greg Bright

Financial services media entrepreneur, publisher and journalist Greg Bright has passed away aged 70, having shaped the trade press for several decades.

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