A reader thought Noel Whittaker’s article last week reported an ‘incredible’ claim, so more detail is provided on the correct documentation and management of Transfer Balance Caps.
Humans “are fantastically adept at rationalising and believing what we want to believe.” The Royal Commission received fascinating research on conflicts of interest and why financial advisers compromise best interests duty.
A significant compliance breach can materially affect the tax effectiveness of your SMSF, so check you are complying with these seven steps and stay on top of the administration and obligations.
Even for this experienced SMSF technical services executive, the tighter rules for borrowing in his SMSF brought some unexpected problems. It’s much harder now than most people realise.
Round 5 of the Royal Commission focused on superannuation. Conflicts of interest, trustee responsibilities and delays in meeting the legal obligation to transfer default clients to MySuper products featured.
What to do if super guarantee payments from multiple employers, combined with salary sacrifice arrangements, have resulted in a breach of the concessional contribution cap.
The Royal Commission heard how the sale of OnePath by ANZ to IOOF is at risk of being stranded in a minefield of internal and external conflicts, and commissions to financial advisers were again in the spotlight.
Amid the Royal Commission words like toxicity, rot, darkness and attrition, the super industry must rebuild trust with accessible, open and candid communication, and stop scoring own goals.
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
The Total Superannuation Balance is an important factor in changes to super and SMSF rules that took effect in the current financial year. Understanding the rules can maximise superannuation opportunities.
The Royal Commission criticises incentives and rewards across financial services, but they have a place if they are properly structured. Just ask the legal people involved how their hard work is recognised.
Going through ASIC’s pronouncements and corporate plans can help gauge whether a business is at risk. Big and small AFS licensees such as non-bank planners, accountants, and life advisers will be increasingly scrutinised soon.
‘Suitability’ of financial advice is something unlikely to be addressed by the Royal Commission, but its adoption and regulation is crucial to the improvement of the wealth management industry.
A reader responded with detailed comments on the need for board members and the Chair to have relevant expertise in the company’s industry. Please join the debate.
The existence of segregated or unsegregated assets in an SMSF determines how the tax exemption on a pension is calculated, and timing is critical.
Many people have changed their minds on whether the Royal Commission was a good idea. What the fact-finding reveals though is an age-old lesson in economics: outcomes gravitate toward incentives.