Articles by Todd Wills

Auditing

Caddick case not just lesson for auditors

SMSF auditors Melissa Caddick ASF Audits

The Melissa Caddick case highlights the importance of SMSF practitioners thoroughly checking the documents they receive from existing and potential clients.

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Superannuation

Evidence crucial in early super requests

superannuation release evidence ATO

Superannuants need to furnish sufficient evidence to the ATO before successfully applying to have their funds released before retirement.

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Legislation, SMSFA, Superannuation, Tax

$3m soft cap issues ignored

$3m soft cap tax Superannuation earnings tax Division 296 tax SMSF Association

The proposed bill to implement the $3 million soft cap tax has been sent to the Senate without considering its impacts in several critical areas.

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financial advice, Legislation, SMSFA

SMSFA seeking clarity over adviser class

SMSFA Qualified advisers Quality of Advice Review Accountants

An industry body has called for further details regarding the implementation of the final recommendations of the Quality of Advice Review.

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ASIC, SMSF

Receivers appointed to SMSF investment firm

ASIC Federal Court Brite Advisors Receivership

The Federal Court has made orders to appoint corporate receivers to the Australian arm of UK pension specialist and SMSF investment firm Brite Advisors.

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financial advice, Financial Planning

Fee consent form sign-off unnecessary

FAAA advice fee consent form sign-off

The FAAA has called for an end to financial product providers verifying fee consent forms provided by an adviser who has already gained their client’s consent.

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Education, financial advice

Govt considers adviser exam changes

Financial adviser exam changes Treasury draft legislation

Treasury has introduced draft legislation to streamline the delivery of the financial adviser exam, making minor changes to the questions asked and the timing of when a candidate can sit it.

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Auditing, Compliance, SMSF

Beware of altered valuations

SMSF auditor asset valuation market value $3 million superannuation earnings tax

SMSF auditors should exercise some scepticism regarding asset valuations in 2024 as trustees may be attempting to escape the impacts of the $3 million soft cap tax.

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ATO, Superannuation

ATO mulls access approval

ATO Illegal early access Superannuation Condition of release

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

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Compliance, financial advice

Set-up advice leads to banning

FSCP Financial adviser banned SMSF ASIC

A financial adviser has been slugged with a registration ban by a panel of peers for acting inappropriately when providing advice to a client on the suitability of establishing an SMSF.

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