Articles by Todd Wills

financial advice

FAAA sets out focus areas for 2024

FAAA Advocacy Financial advice Financial advisers

The Financial Advice Association Australia has highlighted making financial advice more affordable and attracting more advisers to the profession as key focus areas for 2024.

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Property, Regulation

Avoid in-house asset trap

SMSF Property development Non-geared unit trusts Related party In-house asset

SMSF trustees must meet a specific set of conditions to avoid falling into the trap of turning a non-geared unit trust into an in-house asset when investing in property.

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Documentation, Legislation, SMSFA

Digital execution of declarations accepted

Digital execution Statutory declaration Deed myGov

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

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financial advice, Regulation

Adviser exam changes a positive step

ASIC Financial adviser exam Financial advisers

A proposal to streamline the financial adviser exam will help bring more advisers into the profession and provides a more objective measure of the abilities of new entrants.

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ASIC, Compliance, financial advice

Ex-directors sanctioned for SMSF dishonesty

Mudasir Mohammed Naseeruddin Mark Andrew Cooper SMSF ASIC Banned

A former company director who persuaded investors to transfer their super into SMSFs to use the funds for his own benefit has been sentenced to jail, while another has been slapped with a ban.

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Contributions, Superannuation

Prepare for cap indexation

transfer balance cap total super balance concessional non-concessional contribution indexation

SMSF advisers should start discussing strategies with their clients to make use of anticipated indexation of a number of superannuation caps in 2024.

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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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