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Recent changes to the SIS Act effective from 1 July 2012 require trustees of SMSF’s to undertake the following: 1.Consider insurance for their members as part of the fund’s investment strategy; This does not require life insurance to be included in every Fund but it does mean that the Investment strategy should show that the...
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Not since the introduction of Simple Super on 1st July 2007 have we seen such significant changes in superannuation. Our clients who were the beneficiaries of the positive tax changed ten years ago are the majority of people who will be impacted by the changes post 1 July 2017. For those who wondered “was this...
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We agree too many pensions are established with the sole priority of being able to take money from the fund (pension payments). A complete lack of documentation or pension agreement provides the SMSF trustees with no direction when the members circumstances change. As stated by Clinton Jackson in SMSF Advisor, the lack of formal documentation doesn’t...
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You may be aware of the passage of a raft of superannuation changes through the Parliament during the past week. Two superannuation Bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have now been passed by both houses of Parliament. The Treasury Laws Amendment (Fair and...
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After many months of frustration you will be pleased to know ASIC issued SMSF Works with its Licence effective 14 October. We are well aware that many accountants have made the decision to refer their clients seeking SMSF advice to people with the appropriate experience and qualifications rather than obtain their own AFSL License or...
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