In this episode of the DBA Lawyers Podcast, we discuss the beginning of the new financial year and Dan gives us his tips for advisers to begin the 2021 Financial Year on solid ground.
Firstly, we discuss making contributions and some of the recent changes to various age tests, the new pension minimums rules and the importance of bringing last year’s compliance and accounts up to date and reviewing SMSF investment strategies in the new financial year.
Secondly, we discuss some risks that advisers may put themselves in if they are not careful on the advice they give and the work they undertake. In particular, we discuss how the use of some document suppliers may put an adviser at risk by supplying document systems where the adviser prepares the documents and makes the legal decisions and where there is no lawyer input.
Finally, we discuss some of the features of our latest SMSF deed and Dan discusses some of the key advantages of a corporate trustee and why an SMSF should either start with a corporate trustee or change to one, especially a sole purpose corporate trustee.
Shaun Backhaus will be covering contributions rules changes, market linked pension fix, strategies for the current financial year and various other topics in DBA Network Pty Ltd’s July SMSF Online Update. To register please click here.
All articles referenced in this show are linked below.
Hosts (in order of appearance): Zacharia Galloway, Lawyer, Daniel Butler, Director