SMSFs

Most people are well aware of the many benefits of family trust and self-managed super fund (SMSF) structures, but less so about the potential drawbacks. That is something reflected in the surge in legal disputes between trustees of both structures thus far in 2021, according to Marie Brownell, national manager of estate planning at Equity…

The beginning of November welcomed a new identification regime from the Australian Tax Office (ATO). With most of us accustomed to the QR code and check-in apps that have come with the pandemic, the Director Identification Number (DIN) is likely just another hoop to jump through. Launched by the ATO on the 1st of November,…

Draft legislation for the impending ‘Retirement Income Covenant’ was released this week, with SMSF trustees no doubt breathing a sigh of relief after being exempt from the new law. The change in legislation will require all APRA-regulated funds, specifically industry and corporate super plans, to develop and implement a retirement income strategy for those who…

Class Super (ASX:CL1), which sits squarely among the leading SMSF administration and service providers, recently released its annual benchmark report. Prepared in conjunction with the SMSF Association and several other industry experts, the report flagged ‘resilience in a time of constant change’ as the key trend of the year. Despite expectations of a significant fall…

It seems to be the month of change in the financial services industry, with a raft of measures hitting the financial advice sector in October. They aren’t alone, however, with the Australian Tax Office set to extend their SuperStream system to all superannuation funds, but particular self-managed super funds or SMSFs. From 1 October, SMSF…

Class Ltd (ASX:CL1) is a company that is close to the heart of many SMSF trustees, accountants and financial advisers across Australia. The company offers a growing suite of products that support the administration of self-managed super funds and trusts, with its stated mission focused on simplifying rather the complicating matters. While all eyes have…

Peter Burgess of the SMSF Association was able to announce the Australian Taxation Office (ATO) decision himself yesterday and provide instant expert criticism for the association’s members. Burgess, the association’s deputy chief executive and director of policy and education, opened the annual ‘Technical Summit’, held virtually, with the “breaking news” that the ATO had that…

According to Chant West Research, the median ‘Balanced’ industry super fund delivered a return of 3.0% for the entirety of 2020; not a bad result but not shooting the lights out either. There is little doubt it was a very difficult year for investors and the world in general, faced with a health crisis that…

Geoff Wilson of Wilson Asset Management fame and the Stock Brokers and Financial Advisers Association have joined with the SMSF Association in attempting to get fairer access for small investors in company capital raisings. ASIC is in their sights. In a webinar organised by the SMSF body yesterday (November 25), coinciding with SMSF Week, Geoff…

There has been somewhat of a Cold War between the industry and self-managed sectors of Australia’s superannuation environment over the last decade. Words have been exchanged on a near daily basis, discussing with a particular focus on SMSFs coming at a significantly higher cost than the alternatives and requiring a substantial amount of input from…

New option for MySuper products allows mass customisation Russell Investments has developed what it says is a ‘game changer’ for superannuation in Australia – the first mass customised retirement solution. It is currently available only to members in the Russell Master Trust, but the firm will offer access through other super funds down the track….

The pandemic has been devastating to everyone around the world, but among those hardest-hit have been self-funded retirees. The combination of dividend cuts and near-zero interest rates is forcing more Australians to eat into their capital, as they deal with higher prices for everything from food and water to basic services. The 50 per cent…