From www.khq.com.au: AFCA’s latest Systemic Issues Insights Report highlights common issues in superannuation, including concerns about financial firms’ responsiveness, IT disruptions affecting member access, defective claims process disclosures, and delays in rollover requests.… read more
From www.smsfadviser.com: Members with excess concessional contributions have two options: they can request the trustee to refund the excess contributions or allow them to remain in the fund, which may subsequently count towards their non-concessional cap.… read more
From www.smsfadviser.com: When a member of an SMSF starts a pension, trustees must review the fund’s investment strategy to ensure sufficient cash flow for minimum pension payments.… read more
From www.professionalplanner.com.au: Jim Chalmers announced a plan to legislate an objective for superannuation, aiming to end the ongoing “super wars” in Australia.
Meanwhile, new populist parties like Clive Palmer’s Trumpet of Patriots and Pauline Hanson’s One Nation are advocating for more flexible super policies, challenging the traditional preservation of superannuation for retirement.… read more
From atlaswealth.com: As the 2025 Australian federal election approaches, the focus on political support for over one million Australians living overseas is heightened, highlighting issues like voting rights, taxation, and superannuation.… read more
From www.heffron.com.au: Many members with market linked pensions are opting to wind them up, so it is important to understand the implications of tax components during this process, especially regarding inheritance.… read more
From smsmagazine.com.au: [podcast] Discussion includes the general transfer balance cap increase taking place on 1 July and the implications it will have for several strategies in the lead up to the end of the financial year.… read more
From smsmagazine.com.au: Individuals in a self-managed superannuation fund can receive an in-specie benefit payment even if their account balance is lower than the asset’s value, provided another member also receives a payment and directs a portion to them.… read more
From www.smsfadviser.com: The Financial Services and Credit Panel has issued a written order to an advisor for violating ethical standards when recommending non-concessional contributions to a client.… read more
From financialnewswire.com.au: Superannuation fund members who seek personal advice from external providers may subsidise the costs for those receiving collectively charged advice through their superannuation funds, according to the Stockbrokers and Investments Advisers Association (SIAA).… read more
From www.smsfadviser.com: Unlicensed accountants must be cautious about the information they provide regarding the commencement of pensions.
Accountants are not licensed financial advisors and should focus on educating clients about their options without recommending specific actions.… read more
From www.smsfadviser.com: Compensation payments made to SMSFs from potential Compensation Schemes of Last Resort can have specific tax implications based on the nature of the payment and the recipient.… read more
From hallandwilcox.com.au: The Federal Court of Australia penalized Equiti Services Pty Ltd for providing generic financial advice that failed to consider individual client circumstances, resulting in breaches of best interest obligations under the Corporations Act.… read more
From www.smsfadviser.com: SMSF members receiving an age pension or benefits should seek professional advice before commuting a legacy pension, as it may result in losing their asset test exemption.… read more
From www.smsfadviser.com: An SMSF can undertake a related party LRBA with overseas property, but ensuring audit compliance requires additional diligence.
Auditors need to confirm that the property is a single acquirable asset and not acquired from a related party, potentially requiring legal verification.… read more