News : Accounting

Accounting

SMSF misuse creating reputation risk

The misuse of SMSFs has been intentional and is damaging the reputation of the sector, despite many people using them properly.

The misuse of SMSFs has been intentional and is damaging the reputation of the sector, despite many people using them properly.

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Accounting, Administration, Compliance, Documentation, Legislation, Regulation

Trust deed upgrades a fine line legally

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

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Accounting, ASIC, financial advice, Financial Planning

Advisers major funders of ASIC actions

Advisers are the key funders of ASIC operations, yet no enforcement proceeds are used to bolster the sector against future problems.

Advisers are the key funders of ASIC operations, yet no enforcement proceeds are used to bolster the sector against future problems.

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Accounting, Compliance, Regulation

AUSTRAC releases AML/CTF starter kits

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

Practitioners such as accountants now have a specific kit designed to help them comply with their obligations under the AML/CTF legislation.

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Accounting, Investments, SMSF

Licence not needed for generic template

Accountants who do not have an Australian financial services licence are still able to provide some investment strategy documentation.

Accountants who do not have an Australian financial services licence are still able to provide some investment strategy documentation.

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Accounting

ASFA rejects CSLR levy for large funds

ASFA has rejected the suggestion the Compensation Scheme of Last Resort levy should be applied to public offer super funds.

ASFA has rejected the suggestion the Compensation Scheme of Last Resort levy should be applied to public offer super funds.

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Accounting, financial advice, Financial Planning

Accountants a clear advice solution

The Institute of Financial Professionals Australia is keen to have accountants play a significant role in providing financial advice to Australians.

The Institute of Financial Professionals Australia is keen to have accountants play a significant role in providing financial advice to Australians.

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Accounting, Compliance, Documentation, financial advice

SMSF loan write-offs not simple

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

Specific recovery actions have to be taken to prove a private loan from an SMSF will not be paid back and should be written off.

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Accounting, ASIC, financial advice, Financial Planning

Accountant banned for unlicensed advice

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

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Accounting, Compliance, financial advice, Financial Planning, SMSF

Avoid direction in unlicensed advice

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

Unlicensed SMSF practitioners must not influence clients to act, but can provide operational information around the creation and running of a fund.

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