Protect Your Future: Why an Enduring Power of Attorney is Essential
We all recognise the need for a Will when we begin to plan for our future and the future of our loved ones. However, one crucial document is often overlooked, and that is the Enduring Power of Attorney (EPOA). Your Will doesn’t automatically cover your super unless you instruct it to do so. Further, what […]
6 Tips that Save Money or Spring New Business Growth.
Although the start to 2021 has been a little shaky, hopefully this year will be different to the last 12 months. If you haven’t already, take a look at six key ways in which you can reformat some areas of your financial services firm up to make 2021 your best year yet.
SMSF Services – the Difference Between What Advisers and Accountants Can Offer
Making the most of financial products and strategies is, of course, something every Australian wants. And, while it’s widely agreed that superannuation is the most tax-effective program for retirement savings, it is notoriously complex. This is especially true for owners of a Self-Managed Superannuation Fund (SMSF) which is a highly regulated market. Legislation and professional […]
Caution & Considerations Regarding a Binding Death Benefit Nomination
Planning for the distribution of SMSF death benefits is obviously, extremely important. Instructions for superannuation benefits upon your death are not directly covered by a will. However, you can ensure your funds and benefits are distributed in several ways to either reduce the chance of dispute amongst beneficiaries or eliminate unintended taxes or limitations upon […]
What is an Enduring Power of Attorney & Why you Should have one in Place.
We all recognise the need for a Will when we begin to plan for our future and the future of our loved ones. However, one crucial document is often overlooked, and that is the Enduring Power of Attorney (EPOA). What is an enduring power of attorney (EPOA)? An Enduring Power of Attorney is quite simply […]
Division 296: Criticism & SMSF Stressors Regarding the $3million Super Tax
With the Bill set to be introduced to the Lower House this week, it looks as though Division 296 legislation is set to be enacted by July 1 next year, despite concerns from Industry. The proposed “$3 million supertax” will impact less than 1% of Australians with a superannuation account in the 2025/26 financial year, […]
Changes to Superannuation Announced in the 2024-2025 Federal Budget
The delivery of the 2024-2025 Federal budget announcement included a number of changes to the superannuation system, but none were unexpected. The main theme of the changes in relation to superannuation is enhancing retirement savings to allow individuals a more dignified retirement. The key superannuation changes included in the budget include the following. It should […]
SMSFs Helping Female Investors Close the Superannuation Savings Gap
How Advisers Can Support Women Through The “Financial Tidal Wave” of Change Most Australian women today retire with almost half as much in superannuation savings as her male counterpart. The “superannuation savings gap” is the result of numerous factors currently under examination by Federal Government. Self-managed superannuation funds, meanwhile, are making significant progress on closing […]
Demand Is Up, SMSF Auditors are Down. So, What’s Happening to SMSF Audit Fees?
A lot has changed in the SMSF landscape since ASIC commenced registration of SMSF Auditors in 2013. From a peak of more than 7,000 SMSF auditors in 2014, today, just 4,352 remain; in just a decade, the number of registered SMSF auditors has dropped by almost 40%. Most (72%) of registered providers have left the […]
Illegal Early access via SMSFs Cost Australia’s Superannuation System $635million
An investigation by the ATO found more than $637 million has been drained from Australia’s Superannuation system since 2020 via Illegal early withdrawals from SMSF funds. In November 2023, the ATO launched a new program designed to address its primary concern with SMSFs. The Illegal Early Estimate assesses the ‘asset gap’ to scope the size […]
A State of the SMSF Market for Financial Advisers
March 2024 Self-Managed Super Funds (SMSFs) continue to surge in popularity and value, representing a significant opportunity for advisers and accountants. In fact, in the last five years, an average of 24,000 SMSFs were established each month, with higher average starting balances and younger trustees than ever before. In the meantime, the number of registered […]