FirstTech Podcast

Craig Day and Linda Bruce unpack the top 6 questions advisers commonly ask about the popular strategy of splitting concessional super contributions Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Kim Guest and Peter Wheatland discuss the latest technical news including an update on the proposed Division 296 tax, guidance issued by the FAAA on the deductibility of financial advice fees, the Centrelink deeming rate freeze and 3 tips to make the end of financial year go smoothly.For more information see the FirstTech article 2024-25 end of financial year strategies Hosted on Acast. See acast.com/privacy for more information.

Craig Day is joined by SMSF Association CEO Peter Burgess to unpack the revived Division 296 super tax proposal.In this episode they clarify how the tax works, including the controversial inclusion of unrealised capital gains, and what advisers need to consider now. Hosted on Acast. See acast.com/privacy for more information.

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? Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson, Alex Denham and Kim Guest discuss the latest technical news including Payday Super, aged care reforms and lifetime income streams. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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 Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce, Tim Sanderson, Peter Wheatland and Kim Guest discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

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? Hosted on Acast. See acast.com/privacy for more information.

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. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Tim Sanderson discuss draft regulations that will allow the commutation of certain non-commutable legacy income streams plus amendments to allow the allocation of any resulting reserve amounts without them counting against a member's contribution caps. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Kim Guest discuss the new Support at Home program which is proposed to commence 1 July 2025. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson, Linda Bruce & Richard Chen discuss the latest technical news: - Upcoming Federal Budget - Accessing super under compassionate grounds - AAT case: application to disregard or reallocate non-concessional contributions - Federal court case: Tax impact of receiving a lump sum payout of income protection insurance - Update on proposed legislation - Aged care & Division 296 Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Tim Sanderson discuss the effectiveness of TTR strategies, taking into account recent changes in concessional caps, SG rates and marginal tax rates. Hosted on Acast. See acast.com/privacy for more information.

Tim Sanderson and Kim Guest discuss aged care reforms proposed to commence 1 July 2025 Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson, Peter Wheatland and Kim Guest discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson and Richard Chen discuss an adviser question regarding the process of making a small business CGT, personal injury or downsizer contribution that does not count towards the NCCs cap. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce and Kim Guest compare the taxation and Centrelink implications of homeloan offset accounts vs redraw facilities. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce, Tim Sanderson and Kim Guest discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce, Richard Chen and Kim Guest discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Kim Guest interviews Craig Day regarding the law of mistake and when it may be applied in relation to the return of super contributions. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Kim Guest discuss an adviser question regarding the Centrelink assessment of multiple funeral investments. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson and Linda Bruce discuss some key considerations when planning salary sacrifice contributions in 2024/25. Hosted on Acast. See acast.com/privacy for more information.

Craig Day interviews Peter Burgess (CEO of the SMSF Association), about the implications of the proposed new Division 296 tax. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson, Linda Bruce and Kim Guest discuss the latest technical news Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce and Kim Guest discuss a range of superannuation, tax and compliance issues to consider before 30 June. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Richard Chen and Kim Guest discuss the latest technical news for May 2024. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Linda Bruce discuss the impact of super rollovers on eligible service periods, and how that can impact the tax treatment of a lump sum disability benefit or death benefit payment. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Kim Guest discuss the tax treatment when a client requests a super lump sum withdrawal but then dies before the payment is made. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce, Kim Guest and Tim Sanderson discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Linda Bruce discuss super strategies to implement towards the end of 2023-24, and to prepare for 2024-25. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Alex Denham discuss how to determine whether the beneficiary of a super death benefit is a spouse for super and tax purposes. Hosted on Acast. See acast.com/privacy for more information.

Kim Guest and Linda Bruce discuss the latest technical news for March 2024. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson and Linda Bruce discuss the advice implications of the changes to the Stage 3 tax cuts that recently passed parliament.This podcast was recorded prior to the changes passing the senate. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Tim Sanderson, Linda Bruce and Kim Guest discuss the latest technical news.For more information see ATO PBR 1052187560814 Subject: Superannuation death benefits dependent Date: 8 Dec 2023 Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Peter Wheatland discuss how making a personal deductible contribution affects a client's Division 293 tax liability. Hosted on Acast. See acast.com/privacy for more information.

In this edition of latest news, we discuss the changes to super, tax, social security and aged care that are expected in 2024. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Kim Guest discuss how the social security - principal home sale proceeds exemption works. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Linda Bruce and Tim Sanderson discuss an adviser question - should Division 293 tax be paid from super or personally? Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Kim Guest discuss a range of advice issues to consider before winding up an SMSF. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Tim Sanderson discuss draft legislation which applies an additional 15% tax on super earnings that correspond to a member's total super balance over $3 million from 2025-26. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Kim Guest and Peter Wheatland discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Tim Sanderson discuss changes to the FHSS scheme that are designed to improve flexibility. Subsequent to the recording of this podcast, legislation implementing the changes received royal assent on 20 Sept 2023. However the start date of the changes is still to be announced. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Linda Bruce discuss the advice implications of the stage 3 tax cuts, which are legislated to commence 1 July 2024. Hosted on Acast. See acast.com/privacy for more information.

Craig Day, Richard Chen, Alex Denham and Tim Sanderson discuss the latest technical news. Hosted on Acast. See acast.com/privacy for more information.

Craig Day and Linda Bruce discuss the implications of receiving a lump sum super death benefit on Division 293 tax. Hosted on Acast. See acast.com/privacy for more information.