Articles by Tia Thomas

ASIC, Financial Planning

ASIC outlines plans to assist advisers

ASIC assist advisers

The chair of ASIC has reaffirmed the regulator’s focus on reducing red tape related to financial advice and outlined some new initiatives to assist practitioners.

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Education

Specialist adviser pathways expanded

Specialist SMSF adviser

The SMSF Association has partnered with two major educational institutions to expand the pathways into its SMSF Specialist Advisor program.

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Financial Planning, Retirement

Advice for fund members not addressed

retirement superannuation advice

Super fund members have not been given adequate advice on how to spend their retirement incomes despite being told for years how to save for it.

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FASEA

Exam preparation courses boost pass rate

FASEA exam preparation course

A FASEA exam trainer has offered more courses in preparation for the final exam, revealing an average success rate higher than industry normal.

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Business News

BT appoints chief executive

BT chief executive

BT Financial Group has announced the appointment of a new chief executive, who is set to commence the role next month.

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Property

Reconsider valuations after property rezoning

property valuations rezoned

SMSF trustees that have rezoned business real properties may suffer from asset valuation issues and have been advised to accumulate market evidence.

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Contributions

SMSF financials may create SuperStream hurdle

SMSF financial documents SuperStream

Contraventions could occur if trustees fail to adhere to the new SuperStream rollover rules and do not ensure their SMSF financial documents are up to date.

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Accounting, Auditing

ATO to ask for auditor independence proof

trustees auditor independence

SMSF auditors completing an in-house audit will need to prove their firm had no role in the oversight of the fund and trustees were solely responsible.

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Auditing

SMSF firms reminded to retain audit separation

SMSF audit separation

The ATO has advised SMSF accounting firms they should not complete audits for a fund where they also provided oversight and advice to the trustees of the fund.

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Accounting, Financial Planning

SMSF accountants lead set-up advice

accountants SMSF set-up

While SMSF members are the driving force behind the creation of many new funds, accountants appear to be the favoured advice provider, according to new research.

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