Page 13 - Technical Strategy News Today

With increasing enquiries from SMSFs on potentially adding extra members to the fund, funds may need to be aware of potential tax impacts for pension members which can have adverse effects on investments, with the need to take greater care around managing different outcomes for the fund strategy, according to a technical specialist.

An increase in the FASEA exam fee as part of government’s Better Advice Bill draft regulations is a result of declining adviser numbers, according to an Association of Financial Advisers (AFA) head.

With the changes to the number of members allowed in an SMSF, funds considering adding members can consider various structural differences that can impact the SMSF especially in the transition to a corporate trustee, says a technical specialist.

The Your Future, Your Super reforms could put advisers under fresh scrutiny, this time directed from their clients.

The government has released new draft regulations and legislative material for consultation to support the incoming advice reforms from the Better Advice Bill.

The ATO has made a new update to strengthen identity security for practitioners and clients when accessing myGov.

SMSFs should not completely ignore a retirement income strategy despite being carved out of the new obligations being imposed on superannuation funds, says one peak body.

SMSFs investing in unlisted companies can commonly face traps that aren’t as straightforward compared to standard investments, requiring the need to ensure it can go through hurdle checks to ensure it complies with super laws, according to a technical specialist.

Acquiring shares under an employee share scheme (ESS) via your self managed superannuation fund (SMSF) may appear attractive but greater uncertainty has arisen following the ATO’s recent ruling, LCR 2021/2, on the application of the non-arm’s length income (NALI) rules to such a transaction.

One financial adviser says that those looking to optimise their superannuation in the wake of new legislation will want to talk to an expert before doing so.