Articles by Malavika Santhebennur

Estate Planning

Being prepared for loss of mental capacity vital

Neglecting to plan ahead to ensure SMSFs can continue if trustees lose their mental capacity can result in catastrophic financial consequences, a lawyer has warned.

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ASIC, Auditing, Compliance

ASIC report at odds with three-year audit cycle

The corporate regulator’s findings into SMSF advice, which revealed in 91 per cent of files reviewed advisers were non-compliant, cast further doubt over the validity of the federal government ‘s proposal for a three-year SMSF audit cycle, according to a financial services executive.

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Appointments

SMSFA appoints specialist adviser to board

The SMSF Association has appointed SMSF specialist adviser and Verante Financial Planning financial planner Liam Shorte to its board, replacing Andrew Gale.

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Education

SMSF specialisation should follow base education

The financial advice industry has thus far been indifferent towards specialisations such as SMSF accreditation, but there is an opportunity for reform in light of the proposed new education standards.

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ATO

Actuary clarifies ECPI certificate requirement

SMSFs will not need more than one actuarial certificate to claim exempt current pension income (ECPI) when they switch between using the segregated and unsegregated asset method at different times during a financial year, actuarial certificate provider Accurium has said.

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Accounting, Practice Management

SMSF tech costs to plummet 70 pct: Mclowd

SMSF practitioners and trustees will experience a 70 per cent reduction in their accounting software technology costs over the next three years, according to accounting and SMSF software provider Mclowd.

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Estate Planning, Superannuation

Downsizer, aged-care strategy go hand-in-hand

SMSF advisers advising clients on downsizer contributions for estate planning purposes should consider the client’s full circumstances and the interaction with aged care, according to Aged Care Steps.

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Investments, LICs

PM Capital LIC targets SMSFs

The PM Capital Global Opportunities Fund (PGF) and its subsidiary, PM Capital GO 2025, have jointly issued a prospectus for the offer of a listed investment company (LIC) security specifically targeting SMSFs.

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Accounting, Education

FASEA bridging course should be practical

AccountantsIQ has called on the Financial Adviser Standards and Ethics Authority (FASEA) to make its one-unit bridging course for accountants relevant and practical if it does not exempt accountants from further study to meet new education and professional standards.

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ASIC

ASIC begins proceedings against ex-adviser

The Australian Securities and Investments Commission (ASIC) has taken action against Refocus Financial Group and a former financial adviser for using SMSF client funds for his personal use.

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