NEWS

Younger SMSF trustees are expecting their financial professionals to use the technology available to them, including traditional AI and the emerging agentic AI, a leading specialist said. Dr Evan Morrison, HUB24’s head of innovation, said financial professionals are integrating AI and automation into their businesses to improve efficiency and enhance client outcomes, while ensuring innovation is adopted safely and strategically. “AI can scale what’s already there,” Morrison s

If an SMSF member wants to adjust their concessional contributions made in one financial year but not allocated until the next financial year, they must complete a form located on the ATO website. The regulator said this form notifies the Tax Office that concessional contributions were made by the trustee or on the member’s behalf in one financial year (year one) but the SMSF did not allocate them until the next financial year (year two). The ATO said most SMSFs use provision

The cost of a comfortable retirement has reached a record high. According to the latest Retirement Standard Report from the Association of Superannuation Funds of Australia, the super balance needed at 67 for homeowners to fund a comfortable retirement in Australia has jumped by $35,000 for singles and $40,000 for couples. The updated comfortable retirement lump sums for homeowners aged 67 are now $630,000 for singles (up from $595,000), and $730,000 for couples (up from $69