By

Adrian Law
Do you have an ongoing fee arrangement with your financial adviser? If so did you know that by law, they are required to provide you with a Fee Disclosure Statement (FDS) at least every 12 months? The FDS should set out details about the amount of ongoing fees paid, information about the services you were...
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During the recent hearings of the Parliamentary Joint Committee on Corporations and Financial Services into ASIC’s oversight functions, the regulator responded to a range of questions regarding SMSF advice and provided policy solutions to be considered by the Committee around reforms to the SMSF sector. According to ASIC report 575 (SMSFs: improving the quality of...
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Reverse mortgages are a credit product that allows older individuals to achieve their immediate financial goals by using the equity in their home to borrow amounts. The loan typically does not need to be repaid until a later time (ie when the borrower has vacated the property or has passed away). For older individuals who...
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Departure Prohibition Orders (DPOs) have long been used as a tool by the government as a way to stop those who owe debts from leaving the country before they pay their debts, even if they are just going on a holiday. It has been used successfully for more than a decade in the enforcement of...
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With the introduction of the transfer balance cap of $1.6m designed to limit the amount of capital that can be transferred into the tax-exempt retirement phase, certain events that track the movement of capital in and out of retirement phase, as well as other events now must be reported to the ATO to ensure the...
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With the 31 October fast approaching, so is the deadline for lodging your tax returns. If you’re making the last-minute scramble to gather all your tax documentation, keep in mind there are some changes in this year’s tax return particularly in relation to rental properties and superannuation. If you own rental property, you should be...
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Do you have an SMSF and want to grow the assets with borrowings to fund your retirement? An SMSF, or more specifically, the trustees of an SMSF can borrow money but only in very limited circumstances. These include short-term borrowings of 7 or 90 days to cover certain events and more interestingly longer-term borrowings using...
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If you’re thinking of setting up your own self-managed super fund (SMSF), to take charge of your retirement and be able to make investment decisions, there are some important steps you have to take before you seek registration with the ATO such as choosing between individual trustees or a corporate trustee, creating the trust and...
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To be eligible for tax concessions available to super funds, SMSFs need to meet the sole purpose test. Essentially, this means that the SMSF needs to be maintained for the sole purpose of providing retirement benefits to its members or their dependents if a member dies before retirement. Although the question of whether the sole...
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Previously if a member of a super fund had a complaint relating to the areas of regulated superannuation funds, annuities and deferred annuities, or retirement savings accounts, they would lodge the complaint with the Superannuation Complaints Tribunal (SCT), after approaching the fund first, of course. From 1 November 2018, these complaints will now be handled...
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