NEWS

Unintended consequences of two pieces of legislation are costing families around $670 million in death benefits each year. New research from the Association of Superannuation Funds of Australia revealed that 5,000 Australians a year have died without life insurance cover since reforms to default superannuation insurance arrangements came into effect in 2019. The research, Spotlight on Insurance, also found that approximately 11,000 individuals each year are missing out on aro

The SMSF Association is concerned with how the transitional arrangements of the new anti-money laundering and counter-terrorism finance transitional rules will work in practice. The association made a joint submission with the Financial Advice Association Australia to the Department of Home Affairs’ consultation on the draft Anti-Money Laundering and Counter-Terrorism Financing Transitional Rules 2026 and associated Explanatory Statement. It stated that the draft rules propos

When leasing to a related party, SMSF trustees should obtain a rental appraisal when a lease starts to avoid arm’s length compliance issues, a superannuation specialist said. Jason Hurst, technical superannuation adviser, for Accurium said trustees should also ensure they obtain evidence of that rental appraisal for auditing purposes. “There’s a little bit of confusion around when you need a rental appraisal but you should have one when you’re entering into a lease. For examp