Articles by Tharshini Ashokan

ASIC, Auditing

ASIC acts on SMSF auditor misconduct

ASIC SMSF auditors misconduct

ASIC has disqualified two SMSF auditors and added conditions to the registration of another following referrals from the ATO.

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Regulation

Financial services complaints rise

AFCA financial complaints

AFCA has revealed a 40 per cent increase compared to last year in the number of complaints received from Australians in dispute with financial institutions.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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Financial Planning

Consumers place little faith in finance industry

Consumers place little faith in financial advice industry

Consumer trust in the financial advice industry remains low, with more people turning to digital self-help advice tools than in previous years, a recent industry report reveals.

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Property

Unlisted property can boost SMSF diversification

Unlisted property can boost SMSF diversification

SMSFs seeking more diverse investments can use unlisted property funds to gain access to a range of property asset classes, a property funds industry body says.

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ATO

Move to real-time reporting more likely

real-time reporting transfer balance

Real-time reporting of transfer balance accounts is very likely and the SMSF sector will move away from the periodic reporting concessions currently in use.

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Documentation, Estate Planning

Make death benefit nominations fund specific

Make death benefit nominations fund specific

The legal competency of fund members and the make-up of their SMSF must be taken into consideration by trustees when setting up binding death benefit nominations, an SMSF expert says.

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FASEA

Associations take issue with FASEA Code process

FPA AFA FASEA Code

The FPA and AFA have voiced their concerns over the process used to form FASEA’s new code of ethics, following the recent release of FASEA’s code of ethics guidance.

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ATO

Changes to TBAR set to take effect

Changes to TBAR set to take effect

Spreadsheet TBAR forms will no longer be accepted after 31 October and all TBAR forms lodged after that date must be via the ATO online service portal, the regulator says.

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Pensions

‘Easy way’ not always best when calculating ECPI

ECPI reporting process

The upcoming changes to ECPI will have the overall effect of complicating the reporting process for funds, an SMSF expert says.

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