This check list includes matters that aren’t exclusively End of Financial Year but might be also addressed at this time for the sake of convenience. Some items constitute financial advice so require licensing. Check that concessional contributions have not breached the $25,000 limit. Remember that, if they have, the excess may count against the non-concessional limit...
The introduction of our new portal gives us the ability to offer advisers an additional, no cost, service enhancement. Under our standard wholesale service, we receive little to no contact from the adviser’s trustee clients and vice versa. The adviser’s office is the central point for all communications. We have no problems with this and know that...
Members who have turned 65 this year need to be cautious about utilising their 3 year NCC bring forward provision in 2020 as they may be disadvantaged if they aren’t patient. Legislation has been tabled in the House of Representatives that will affect the optimum timing for such contributions. With the last sitting day for both Houses...
There is a danger that new pensions may be commenced that inadvertently breach the transfer balance cap. A member’s existing transfer balance account is unaffected by a drop in market valuations, so the member’s current pension balance is no guide to their available cap. In any case, the TBA should be checked - just in case...
The five professional bodies have released Record of Advice templates to satisfy the truncated regulatory requirements for early release of superannuation benefits. This link to the SMSF Association's web site provides you with the necessary facilities....
ASIC has advised that, during the COVID-19 pandemic, advisers will not need to provide an SOA when providing advice around early access to super. Even tax agents can give advice to existing clients about early access to super without needing to hold an Australian financial services licence. These measures only apply if fees are capped at $300 ...
The Government’s Code is seriously deficient as it seeks to deal with a three point problem by addressing only two of them. The government acknowledges that the question of rental relief needs to be addressed via consultation between the tenant, landlord and the landlord’s banker but the Code only materially addresses the first two. This places...
The ATO has provided a simple solution to determining the deductibility issues surrounding home expenses. To claim a deduction for working from home, all of the following must apply: you must have spent the money the expense must be directly related to earning your income you must have a record to prove it the expense has not...