Page 10 - Technical Strategy News Today

When considering the full commutation of a pension for SMSFs, there are several arising pitfalls that shape the technical strategy that will require greater care.

Whilst good records can enable SMSFs to manage contributions in order, unexpected circumstances and timing changes can cause funds to face a non-concessional cap breach, prompting the need for them to make strategic adjustments, according to a technical specialist.

A new report has highlighted the “invaluable” role financial advisers played for their clients throughout the COVID-19 pandemic outbreak last year.

One of the key benefits, of self-managed superannuation funds (SMSFs) that are well managed and have access to ongoing specialist advice, is the level of understanding members enjoy.

The Financial Services Council has released its new blueprint for a simplified regulatory framework which could reduce the time and cost of providing financial advice and set the foundational frameworks of advice as a profession.

Due to the ongoing impacts of COVID-19, the ATO has extended its compliance support on PAYG instalment variations for SMSFs.

The ATO has recently received a high volume of manual verification requests through the SMSF verification service (SVS) system which has caused a delay in processing these requests for the current SuperStream v3 rollovers.

When considering the transition of residential property and business property in an SMSF for acquisition purposes, there are several distinctions that need to be checked off to ensure it can satisfy ATO requirements.

ASIC has commenced civil penalty proceedings in the Federal Court against Diversa Trustees after it failed to provide adequate oversight over a banned financial adviser.

The pressures of current ASIC compliance requirements are more concerning for advisers than the FASEA exam and educational qualifications, according to new research.