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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Domain Authority

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Global

#4584056

Australia

#193829

Finance/Finance

#1427

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Articles

No ATO guidance to define breaches

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

The ATO has specifically stated it will not be looking to provide any guidance for practitioners with regard to the interaction and delineation between illegal early access of superannuation benefits and loans made from an SMSF to its members. “We’re not looking to issue guidance to distinguish between [illegal early access and loans to members]. My message is neither of them are okay.
Acting on Bendel case unwise

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

A senior audit firm executive has warned SMSF trustees not act any differently with regard to an unpaid present entitlement (UPE) from a unit trust on the strength of a decision the Full Federal Court handed down recently. “Some in the industry are trying to pull a very long bow with the recent case which was the Commissioner of Taxation v Bendel.
Legacy pension exit may need two steps

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

A senior industry educator has confirmed the extinguishing of a life-expectancy income stream under the five-year legacy pension amnesty announced late last year cannot be executed in a single action. “Keep in mind with the life-expectancy pension [commutation] is basically a two-step process. That’s because with a life-expectancy pension there is a maximum commutable amount,” Accurium head of SMSF education Mark Ellem noted.
Trustee duties go beyond the deed

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

Awareness is needed of the Superannuation Industry (Supervision) (SIS) Act covenants imposing certain responsibilities on SMSF trustees even if they are not specifically stated in the fund trust deed, a sector specialist has said.
Inflation concerning pre-retirees the most

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

The latest research into the sentiment of older Australians has shown the rising cost of living across the country has caused pre-retirees to be less confident of living a happy life when they cease working. The second annual “Challenger Retirement Happiness Index” released today revealed three in four pre-retirees, or 76 per cent, indicated their financial security had been affected by the current increase in the cost of living, with 34 per cent of the cohort saying the impact was significant.
Court orders wind-up of rollover scheme

2 weeks ago | smsmagazine.com.au | Jason Spits

The Australian Securities and Investments Commission (ASIC) has been successful in its efforts to wind up a managed investment scheme that appears to have been involved in advising people to roll over their super into retail funds or SMSFs so they could to invest in it.
Dispute intervention not an ATO role

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

An SMSF technical specialist and a legal expert have confirmed practitioners and trustees cannot expect the ATO to become involved or intervene when there is a dispute between fund members. To this end, Accurium head of SMSF education Mark Ellem cited the statement on the ATO website, under QC 47220, stipulating the regulator’s position regarding member disputes. Here, the ATO stipulates: “We do not get involved in resolving disputes among members.
Excess release less work than SG opt-out

2 weeks ago | smsmagazine.com.au | Jason Spits

Dealing with excess concessional contributions that can be created by retaining superannuation guarantee (SG) payments from multiple employers is an easier process than having to request they withhold the SG and nominating the periods when it is not paid, a super specialist has claimed.
Benefit types important for TRIS

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

A senior industry executive has reminded practitioners to consider the types of benefits an SMSF member has before they commence a transition-to-retirement income stream (TRIS) due to the drawdown rules for these pensions. “When it comes to drawing down from a TRIS, they must be taken in a specific order.
Three licensees cop enforcement action

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

Three Australian financial services (AFS) licensees have been issued with Australian Securities and Investments Commission (ASIC) infringement notices for allowing authorised representatives of their dealer groups to provide personal advice while unregistered. The three licensees on the receiving end of this regulator action were Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd. As a result, each entity paid a fine of $31,300 in March.