Podcast
Questions and Answers
What is the primary role of the ATO in relation to SMSFs?
What is the primary role of the ATO in relation to SMSFs?
- To audit the performance of large superannuation entities.
- To provide financial advice to super fund members.
- To regulate investments made by the trustees of super funds.
- To protect the integrity of the superannuation system. (correct)
Which of the following is NOT a trustee duty in managing a super fund?
Which of the following is NOT a trustee duty in managing a super fund?
- Avoid conflicts of interest.
- Act impartially towards all beneficiaries.
- Act in the best interest of the beneficiaries.
- Delegate investment decisions to external advisors. (correct)
Under what legal framework must a super fund be established?
Under what legal framework must a super fund be established?
- As a trust under the SIS Act. (correct)
- As a partnership under the Partnership Act.
- As a sole trader under the Business Act.
- As a corporation under the Company Act.
Which of these statements regarding a Super Fund Trust Deed is correct?
Which of these statements regarding a Super Fund Trust Deed is correct?
What is the current ratio of working-age individuals to those over 65 years old?
What is the current ratio of working-age individuals to those over 65 years old?
What is a key characteristic of the legal ownership held by a trustee?
What is a key characteristic of the legal ownership held by a trustee?
What major problem has arisen concerning social security benefits?
What major problem has arisen concerning social security benefits?
What must a Super Fund Trust Deed specifically define?
What must a Super Fund Trust Deed specifically define?
What was a primary objective of the Superannuation Guarantee Scheme?
What was a primary objective of the Superannuation Guarantee Scheme?
Which of the following is not a requirement for trustees when making investment decisions?
Which of the following is not a requirement for trustees when making investment decisions?
What is a potential consequence of the declining proportion of working-age individuals?
What is a potential consequence of the declining proportion of working-age individuals?
Which regulatory body deals primarily with hundreds of medium to large entities as opposed to individuals?
Which regulatory body deals primarily with hundreds of medium to large entities as opposed to individuals?
What effect does the Superannuation Guarantee Scheme have on national savings?
What effect does the Superannuation Guarantee Scheme have on national savings?
What financial source does the compulsory savings from the Superannuation Guarantee directly contribute to?
What financial source does the compulsory savings from the Superannuation Guarantee directly contribute to?
How has the introduction of the Superannuation Guarantee Scheme affected the liquidity in financial markets?
How has the introduction of the Superannuation Guarantee Scheme affected the liquidity in financial markets?
What is one risk retirees face regarding their pensions?
What is one risk retirees face regarding their pensions?
What is a characteristic of account-based RIS compared to fixed term and lifetime RIS?
What is a characteristic of account-based RIS compared to fixed term and lifetime RIS?
What event automatically revokes a will?
What event automatically revokes a will?
What does effective estate planning primarily aim to ensure?
What does effective estate planning primarily aim to ensure?
What could be a potential downside of a non-account based RIS?
What could be a potential downside of a non-account based RIS?
What is NOT true about the powers of an executor?
What is NOT true about the powers of an executor?
Which of the following actions is most suitable for making simple amendments to a will?
Which of the following actions is most suitable for making simple amendments to a will?
What happens to the income tax treatment of pension withdrawals if the minimum drawdown is not met?
What happens to the income tax treatment of pension withdrawals if the minimum drawdown is not met?
Under which circumstance would a will remain valid if it initially wasn't properly executed?
Under which circumstance would a will remain valid if it initially wasn't properly executed?
Which of the following is considered a pro of having a non-account based RIS?
Which of the following is considered a pro of having a non-account based RIS?
What is a common issue to consider when distributing assets to beneficiaries?
What is a common issue to consider when distributing assets to beneficiaries?
At what age is the preservation for retirement typically recognized?
At what age is the preservation for retirement typically recognized?
Which of the following best summarizes longevity risk in the context of annuities?
Which of the following best summarizes longevity risk in the context of annuities?
What could be a potential issue with appointing a family member as an executor?
What could be a potential issue with appointing a family member as an executor?
Which of the following beneficiaries can be legitimately included in a will?
Which of the following beneficiaries can be legitimately included in a will?
What must be taken into account in effective estate planning regarding beneficiaries?
What must be taken into account in effective estate planning regarding beneficiaries?
In terms of changes made to a will, what does not constitute voluntary revocation?
In terms of changes made to a will, what does not constitute voluntary revocation?
What is one requirement for a valid will regarding the witnesses?
What is one requirement for a valid will regarding the witnesses?
Which of the following is NOT considered a non-estate asset?
Which of the following is NOT considered a non-estate asset?
Which test is NOT part of determining testamentary capacity?
Which test is NOT part of determining testamentary capacity?
What is the primary duty of a testaor’s executor?
What is the primary duty of a testaor’s executor?
What age must a person be to legally make a will without restrictions?
What age must a person be to legally make a will without restrictions?
In what scenario would a superannuation nomination lapse?
In what scenario would a superannuation nomination lapse?
Which of the following conditions would invalidate a will?
Which of the following conditions would invalidate a will?
What typically happens to life insurance policies upon the death of the policyholder?
What typically happens to life insurance policies upon the death of the policyholder?
