Page 11 - Technical Strategy News Today

With BDBNs a significant part of SMSFs death benefit strategy, practitioners will need to consider changing factors impacting the setup of a strong document trail and its interaction with the trust deed to ensure it can avoid risks in litigation, according to a law firm.

Changes in the current economic environment are prompting SMSFs to seek newer investments that can both satisfy expected returns and provide safeguards to navigate a post-pandemic marketplace.

ASIC has cancelled the AFS licence of a former tax accountant who failed to maintain dispute resolution membership with the AFCA.

The incoming implementation of the director identification number will become an important part of the SMSF landscape as new processes will shape internal procedures for practitioners and create additional challenge considerations for clients and trustee structures, according to an industry consultant.

Compliance, costs and the future of the advice industry are driving planners out of the sector, according to a new study.

When an SMSF pays out a limited recourse borrowing arrangement, funds will need to ensure it can take the correct steps in the aftermath especially around managing happens to the bare trust to ensure a smooth finalisation process.

Since 1 October 2021, new reporting obligations have been implemented for AFS licensees which will require advisers to navigate several compliance hurdles to avoid non-compliance with ASIC, according to a law firm.

With the new SuperStream requirements in place, SMSFs making rollovers can face challenges to meet the new timeframes when considering reporting and transactional aspects of the fund, with greater management needed to ensure funds don’t face non-compliance from uncertain risks.

Current Australian directors or corporate trustees in an SMSF will now have one year to apply for their unique director identification number before fines of over $1.1 million kick in for non-compliance.

Sydney-based technology company Nod has announced that it has invented a new kind of software to help financial planners create efficiencies, uphold their compliance obligations, and manage their practices.