FirstTech Podcast

As we approach the end of the financial year, it's a great time to review year-end super strategies and get ready for the new financial year. Craig Day and Linda Bruce.

Craig Day, Tim Sanderson, Alex Denham and Kim Guest discuss the latest technical news including Payday Super, aged care reforms and lifetime income streams.

Craig Day and Tim Sanderson discuss the minimum annual payment requirements for account based pensions in a variety of circumstances including partial commutations, full commutation and rollover, or where a client dies part way through a financial year.For more information see the FIrstTech article Minimum payment requirement when commuting account-based pensions.

Craig Day and Hayley Mitchell (Coopers Grace Ward), delve into the details of Enduring Powers of Attorney, covering the scope of authority granted to the attorney, as well as the limitations on their actions.

Craig Day, Tim Sanderson and Kim Guest discuss new regulations which allow members receiving non-commutable legacy income streams, including complying Term Allocated Pensions (TAPs), to fully commute and exit their income stream within a five-year amnesty period.For more information see the FirstTech article Commuting a TAP under legacy pension amnesty rules

Craig Day, Linda Bruce, Tim Sanderson, Peter Wheatland and Kim Guest discuss the latest technical news.

It's that time of year when clients may receive an excess non-concessional contribution determination from the ATO. Craig Day and Tim Sanderson discuss the 3 options that are available for dealing with the excess.

Craig Day, Tim Sanderson, Kim Guest, Alex Denham, Richard Chen & Sina Heng discuss the latest technical news: - What happened in the last days of Parliament - New Aged Care Act awaits Royal Assent - Reforms to the retirement phase of super - Payday super update - Will the transfer balance cap increase to $2M from 1 July 2025?

Craig Day and special guest Tony Negline discuss Tax Determination TD 2024/7, which updates the ATO's view on what part of the cost of advice provided by a financial adviser to an individual client, can be claimed as a tax deduction. It is important to note this Tax Determination discusses the deductibility of advice fees paid directly by individuals who are not carrying on a business, it does not cover the tax treatment of advice fees deducted from a client’s superannuation account.