SMS Magazine

Established in 2013, Self Managed Super magazine is a fresh publication designed for advisers who work with clients managing their own superannuation funds. It offers in-depth editorial content focused on the rapidly expanding retirement savings sector. The magazine delves into all essential facets of the SMSF industry, which is valued at over $400 billion. Readers can expect coverage on current news, updates on regulations, technical strategies, profiles of professionals, investment management, auditing challenges, administrative issues, and legal considerations. Self Managed Super is overseen by Darin Tyson-Chan, the 2012 SPAA Trade Media Journalist of the Year, and is part of the Benchmark Media group.

National, Trade/B2B

English

Magazine

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Articles

Legacy pension wind-ups hold legal risk

3 days ago | smsmagazine.com.au | Darin Tyson-Chan

A sector specialist has warned practitioners of the legal traps associated with winding up legacy pensions under the five-year amnesty announced in December last year allowing SMF trustees to do so. Accurium head of SMSF education Mark Ellem noted issues can arise for particular practitioners due to the fact legacy pensions are defined as a financial product, in turn restricting the type of services some stakeholders can provide in ending these structures.
Safe harbour changes require action

4 days ago | smsmagazine.com.au | Jason Spits

SMSF members with a related-party limited recourse borrowing arrangement (LRBA) will need to revise their documentation following changes to the safe harbour rates for the next financial year, an actuarial firm has noted.
Pre-emptive pension restart questionable

4 days ago | smsmagazine.com.au | Jason Spits

Putting in place pre-emptive measures to restart a pension that has not met the minimum payment requirements may be possible, but may not meet the legal requirements placed upon an SMSF trustee or their advice provider, an audit expert has warned. ASF Audits head of technical Shelley Banton said the ATO’s update of Taxation Ruling 2013/5 last year would apply from 1 July and when a pension was underpaid by more than one-twelfth of its value, it ceased for tax and superannuation purposes.
ASIC cautions licensees on share fraud

4 days ago | smsmagazine.com.au | Penny Pryor |Jason Spits

The Australian Securities and Investments Commission (ASIC) has issued updated guidance for Australian financial services (AFS) licensees following an increase in reports of stolen shares due to identity theft. The new guidance, Information Sheet 237 Protecting against share sale fraud (INFO 237), outlines better practices for licensee prevention and detection of share sale fraud.
Amnesty also better for flexi-pensions

4 days ago | smsmagazine.com.au | Darin Tyson-Chan

A senior industry executive has confirmed the five-year amnesty allowing SMSF trustees to commute legacy pensions is also advantageous for recipients of commutable lifetime non-complying income streams even thought all parts of the measure are not relevant to these structures.
Unit trust bypass of SMSF unwise

5 days ago | smsmagazine.com.au | Darin Tyson-Chan

Technical experts have recommended SMSF practitioners ensure trustees keep transactions with any payments from a unit trust in which a fund has invested as clean as possible, particularly when death benefits are involved, even if additional steps must be taken in order to achieve a necessary outcome.
AFCA holds $10m stance on wholesale investors

5 days ago | smsmagazine.com.au | Jason Spits

SMSF trustees and members will continue to be viewed as retail clients unless their fund has $10 million or more in assets, and income or assets outside will not change that definition, the Australian Financial Complaints Authority (AFCA) has stated.
Div 296 means auditors need tech

5 days ago | smsmagazine.com.au | Penny Pryor |Jason Spits

The proposed Division 296 tax will disproportionately hit the SMSF sector at a time when auditors are assessing the investment choices made by trustees and they should be looking at technology that will save them time, according to a portfolio tracking service.
Recontribution barred due to glitch

5 days ago | smsmagazine.com.au | Jason Spits

Financial advisers have been reminded to be aware of an unusual glitch around the use of recontribution strategies that affects retirees whose birthday also falls on the same day as the start of the new financial year. MLC senior technical services manager Scott Quinn said the use of recontribution strategies by those aged between 60 and 75 was a popular way to reduce the taxable component inside super by withdrawing funds and returning them to that environment as a non-concessional contribution.
Div 296 progress unconscionable

1 week ago | smsmagazine.com.au | Jason Spits

Plans to continue pushing through the proposed Division 296 tax are unreasonable and completely ignore valid reasons for it to be modified, according to the Tax Institute, which has highlighted its alternative model against government claims no other options have been presented.