Vincent Strangers, Head of Product at Generation Life, joins Keeli Cambourne and Aaron Dunn on this week's episode of the SMSF Adviser Show to discuss how advisers can think about defensive assets alongside the structures used to hold them. The conversation covers the tax treatment of income-producing assets, the considerations raised by Division 296 and superannuation balance thresholds, and the role of investment bonds, trusts and super in tax and estate planning. Vincent emphasizes starting well ahead of deadlines, reviewing clients' circumstances regularly, and balancing tax efficiency with cash-flow needs and simplicity. The discussion also highlights the value of planning how wealth will be passed on to beneficiaries.

• Why the ownership structure or "tax wrapper" matters as much as choosing defensive investments.
• How super, investment bonds and trusts may differ in tax treatment and estate-planning flexibility.
• The planning challenges advisers and clients face around Division 296, balance thresholds and tax liabilities.
• Why early planning and simpler arrangements can help manage complexity and support wealth transfers.

Division 296 isn't really a tax story. It's now an estate-planning and family wealth transfer story that happens to involve tax. In this week's episode of the SMSF Adviser Show podcast hosts Keeli Cambourne and Aaron Dunn from Smarter SMSF, speak with Neal Dallas, director of Business Depot Legal about the challenges that are now arising with death benefit nominations and wealth transfer.

Listen as they discuss:

· whether reducing a member's balance to $3m or $10m actually produces the best overall family outcome once tax, transaction costs, ownership and succession are considered;

· how the first death can move the surviving spouse into Division 296 territory;

· the potential mismatch where one person receives the superannuation benefit but the deceased estate has to deal with a later tax liability;

· why post-death transactions inside an SMSF can still affect the Division 296 outcome;

· why established estate-planning strategies, including spouse balance equalisation, BDBNs, EPA powers, pension structuring, recontributions and pre-death withdrawals, remain relevant but may now need to be remodelled.

In this special edition of the SMSF Adviser Show podcast, Olivia Grace-Curran and Mark Jocum explore the expanding ETF landscape and what it means for advisers building SMSF portfolios. From core holdings to targeted allocations, they discuss how ETFs are becoming increasingly sophisticated portfolio tools.

The conversation covers the rise of factor investing, thematic strategies, income-focused ETFs and the role of Growth at a Reasonable Price (GARP) approaches in balancing growth opportunities with valuation discipline.

Listen as they discuss:

• How the role of ETFs in SMSF portfolios has changed over the past decade

• Why ETFs are becoming broader portfolio construction tools beyond low-cost market exposure

• The role of GARP strategies and rules-based investing in diversified portfolios

• How advisers are using ETFs for income, commodities, thematics and targeted exposures

• The importance of understanding the purpose each ETF serves within a portfolio

• How advisers can think about building more resilient SMSF portfolios using ETFs

• Key ETF trends shaping the future of portfolio construction