Articles by Tharshini Ashokan

Documentation

Electronic execution measures on hold

Electronic deed execution

The government’s move to extend temporary measures allowing the execution of deeds electronically has been delayed.

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Financial Planning

Advice exit fees could counteract ASIC levy

exit fees ASIC levy

Exit fees should be imposed on banks and institutions moving out of advice to provide relief for advisers facing a sharp hike in the ASIC levy.

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ATO, Auditing

Outsourcing may not ensure audit independence

outsourcing auditor independence

Auditing firms enlisting the accounting services of other businesses to comply with the amended auditor independence standards should proceed with caution, the ATO says.

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FASEA

Pass rate drops in latest FASEA exam

FASEA exam 2021

Close to 70 per cent of advisers have passed the first financial adviser exam held in 2021, but pass rates have dropped, according to FASEA.

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ATO, Auditing

ATO flags audit pooling risks

ATO audit pooling risks

Audit pooling arrangements to sidestep restructuring costs and comply with new audit independence standards carries many risks, the ATO has noted in new guidance.

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ATO

ATO warns against illegal SMSF scheme

illegal SMSF scheme

A new scheme targeting SMSF trustees could expose them to civil and criminal actions and put their retirement savings at risk, the ATO says.

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Superannuation

Super for housing will worsen affordability

superannuation housing affordability

Using super for housing will make home ownership more expensive and runs counter to the objective of building retirement savings.

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Investments

Retail investor numbers hit new highs

online retail investors

The number of active retail online investors in Australia grew substantially during 2020, the latest research from Investment Trends has found.

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Strategy

Indexation offers tax deduction increase

Indexation tax deduction

The rise in concessional and non-concessional contribution caps as a result of indexation on 1 July could allow for an increase in tax deductions for members.

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ASIC, Financial Planning

Industry bodies slam ASIC levy hike

ASIC levy increase

Australia’s peak financial services industry bodies have condemned the substantial increase in the levy charged to financial advisers and their licensees.

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