News

Education Requirements

There continues to be a high degree of confusion surrounding the mandatory education requirements for planners. This is partly because they are still being discussed but also because insufficient detail on the proposals has been released. Neil Kendall, the Chair of the FPA, has released an update which sheds some light on the process as well as...

Important TRIS Changes

Now that the anomaly that would have required a TRIS to be stopped and restarted as a standard pension once a condition of release has been triggered is being removed, we need to consider what this means in the context of the new rules. Assuming that the announcements will be enacted, a TRIS may convert to a...

SMSF due date extension

The ATO Deputy Commissioner has announced that they have extended the lodgement due date for SMSFs to the 2nd of July 2018. This gives advisers more time to consider the changes in the recent Superannuation Reforms, including CGT Transitional Relief, and to discuss these matters with clients. This extension is applicable to all SMSFs except those that were...

SMSF Bitcoins

There's been much discussion regarding SMSFs investing in Bitcoin of late. We don't make a judgement on the suitability of any SMSF investment so long as it's legal. SMSFs are legally able to invest in Bitcoins but there are a few issues. SMSF Adviser published an excellent article on these which is available here....

Domestic Violence & the Preservation Rules

Each week a woman dies due to domestic violence. Women often remain in abusive relationships for financial reasons. Submissions close on 12th Feb on a Treasury review of early release rules and includes this issue but states that the government already “provides support through timely and targeted assistance, including through the welfare system.” Unfortunately, this statement...

New Reporting Requirements

Under European rules, investment firms executing transactions in financial instruments must report complete and accurate details to their regulators. This requires a Legal Entity Identifier (LEI) to be held by both EU and non-EU market participants in a variety of circumstances in order to trade or clear.  Once a legal entity obtains an LEI code, the...

Total Super Balance Strategy

This strategy allows eligible members to make an additional $100,000 non-concessional contribution by adjusting their reported total super balance. A member cannot make a non-concessional contribution in any year where their previous 30 June total super balance (essentially the cash value of their member benefits where no defined benefit pensions are involved) was at least $1.6m. If...

MyGov Reporting Error

There is a problem with the MyGov reporting where members have made large non-concessional contributions in the two years between 1 July 2015 and 30 June 2017. This has caused some alarming, though incorrect, messages to members. Essentially, prior to the reduction in the non-concessional limit from 1 July 2017, eligible members could contribute up to $540,000...