FirstTech Podcast

Craig Day and Kim Guest discuss the process of updating investment balances with Centrelink, including account based pensions, super in accumulation phase, shares, managed funds and bank balances.Does a client need to update Centrelink or does Centrelink receive the updated values automatically?

Where an SMSF paying an account based pension fails the pension standards such as not paying the minimum annual payment, it can have significant consequences.The can include increased fund tax liabilities and the merger of a members different super interests. In addition, following recent ATO guidance it could also trigger a range of transfer balance cap issues and require trustees to navigate significant additional complexity.

In this special edition of Latest News, following the Federal Election we delve into the winning parties policy announcements that impact financial advice, including taxation and housing policy.

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.