Articles by Penny Pryor

AFCA, financial advice, Financial Planning

AFCA should name and shame

SMSF Association, Australian Financial Complaints Authority, AFCA, publicise determinations, unpaid determinations, Compensation Scheme of Last Resort, CSLR, Peter Burgess, submission

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

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ASIC, financial advice, Superannuation

Rollover-linked firm has licence cancelled

self managed super, self managed superannuation, SMSF, Australian Securities and Investments Commission, ASIC, Shield Master Fund, licence, cancelled, Financial Services Group Australia, Graham Holmes, banned, Ferras Merhi, investigation, First Guardian Master Fund

ASIC has cancelled the licence of a firm that provided advice regarding the Shield Master Fund and also banned its responsible manager.

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ASIC, Compliance, financial advice

ASIC moves against 18 finfluencers

Australian Securities and Investments Commission, ASIC, warning, social media, finfluencers, unlicensed financial advice, Alan Kirkland, contracts for difference, over-the-counter derivatives

The corporate watchdog has served warning notices to 18 individuals as part of a global crackdown on unlawful ‘finfluencer’ activity.

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Documentation, Estate Planning, Trusts

Trustee death requires creative response

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, wind-up, Heffron, Annie Dawson, executor, director, corporate trustee, enduring power of attorney, EPOA, section 17A, SIS Act, Sean Johnston

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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Division 296, SMSF, Superannuation, Tax

Half a million may be hurt by new impost

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Financial Services Council, FSC, Division 296 tax, impact, unindexed threshold, $3 million threshold, indexation, Blake Briggs

New analysis by the Financial Services Council has calculated the full impact of the proposed superannuation tax under four different scenarios.

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ETFs, Investments

Schroders introduces new active ETF

Schroders Australia, active exchange-traded fund, ETF, Schroder Global Core Fund, Simon Doyle, Schroder Quantity Equity Product Global Core, Lukas Kamblevicius

Investors have been provided with a new avenue to access global equities through the release of a new actively managed ETF.

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Division 296, SMSF, Tax

WAM initiates anti-Div 296 petition

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Wilson Asset Management, WAM, petition, Division 296, SMSF trustees, franking credit, 2019 federal election, Geoff Wilson, breach of the social contract, unrealised capital gains, indexation

An Australian fund manager has received significant support for a petition opposing the proposed Division 296 tax it has just begun circulating.

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financial advice, Financial Planning, SMSF, Tax

Greater advice tax deductibility for SMSFs

SMSF practitioners have the ability to present their clients with larger tax savings on financial advice due to the ATO’s jurisdiction over the SIS Act.

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Contributions

Co-contribution can trigger bring-forward rules

Advisers should be aware government co-contributions, despite their modest size, may still interfere with strategies based around non-concessional contributions.

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ATO, Pensions

Gap to occur in TBC updates

SMSF, self managed super, ATO, personal transfer balance caps, general transfer balance cap, transfer balance caps, TBC, indexation, pension, limited recourse borrowing arrangement, excess transfer balance, determination, commutation authority, ATO online services

The increase in personal transfer balance caps reported by the ATO will be delayed after the general cap rises but it will not issue determinations until an update is complete.

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