Articles by Krystine Lumanta

Regulation

Adviser fall from FASEA highly detrimental

A tightrope walker with a body of water in the background.

The incoming education and professional standards framework for advisers, to be established by the Financial Adviser Standards and Ethics Authority (FASEA), could decrease adviser numbers in the SMSF sector, as well as turn experienced practitioners off from working in the sector altogether.

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Retirement

Retirees spend less than age pension: report

More than half of Australian retirees are spending less than the age pension each year, raising significant questions about current retirement policy and super fund strategies, new research by Milliman has found.

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Auditing

Automated audit tech due diligence urged

The era of unprecedented rapid technological changes will require SMSF auditors to check that any new automated auditing software and systems meet regulatory compliance and auditing standards.

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Investments

Investing in TBC world requires attention

Building pension portfolios in the context of the $1.6 million transfer balance cap (TBC) regime is an issue advisers will need to start considering for their clients.

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Accounting

Unlicensed accountants monitoring results to be released

The Australian Securities and Investments Commission (ASIC) has revealed it will publish results from its surveillance into accountants operating without a limited Australian financial services licence in the coming weeks.

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ATO

Excess TBC incidents expected to be low: ATO

The ATO has issued a small number of excess transfer balance cap (TBC) determinations to SMSFs that have lodged a transfer balance account report (TBAR) however is not anticipating this number to escalate.

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Business News

SMSFA commends AFCA establishment

The SMSF Association has strongly supported the official creation of the Australian Financial Complaints Authority (AFCA), labelling it a significant step in protecting the rights of all SMSF members.

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Features

SMSF Awards 2017: Infrastructure winner

Infrastructure assets provide essential services that serve communities around the world. Within a portfolio, infrastructure offers the potential for lower volatility than traditional equities, stable cash flow, inflation protection and global diversification.

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ATO

Beta testing for TBAR data underway: ATO

Hand manipulating wooden building block.

The ATO has revealed it is currently closed testing a small group of accountants and tax agents in relation to systems or services that would enable access to client data collected from its transfer balance account report (TBAR) regime.

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Business News

Industry poised for royal commission scrutiny

The SMSF Association has said while SMSFs have been explicitly excluded from the terms of reference of the banking royal commission, there remains the potential for the sector to be included in the work of the inquiry.

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