News : Accounting

Accounting, ASIC

ASIC provides insurance product relief

The Australian Securities and Investments Commission (ASIC) has remade Class Order Group Purchasing Bodies to extend relief to holders of limited Australian financial services licences (AFSL) so they are exempt from needing to hold a full AFSL in order to purchase group insurance products for their clients.

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Accounting

Accountants’ exemption unlikely to return

It is highly unlikely the accountants’ exemption will be reinstated, particularly given the recent reports on SMSF advice and revelations at the banking royal commission, according to an industry expert.

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Accounting, Financial Planning, Investments

Accountants should offer whole-of-wealth services

Accountants need to lead the conversation on working more closely with financial planners and expanding their wealth accounting skill set to work on a whole-of-wealth basis, according to Class.

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Accounting

Industry body welcomes age pension announcement

The SMSF Association has welcomed the federal government’s decision to keep the age pension at 67, arguing the three pillar policy of the age pension, compulsory super, and voluntary savings will enable Australians to retire at this time.

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Accounting, Compliance

IPA will support licensed accountants

The Institute of Public Accountants (IPA) has revealed should the accountants’ exemption be reinstated, it will look to support its members who have completed licensing requirements under the current regime.

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Accounting, Compliance

Strong response to accountants’ exemption

The Institute of Public Accountants (IPA) has revealed it has received support from its members to lobby for the return of the accountants’ exemption, with plans to notify the federal government as soon as possible rather than wait for the next election.

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Accounting, Financial Planning

IPA examining accountants’ exemption options

The Institute of Public Accountants (IPA) today announced it is seeking member feedback on advocating for a return of the accountants’ exemption to provide advice related to SMSFs.

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Accounting, Administration

ECPI method switching can be avoided

Financial advisers can help their clients avoid having their SMSF switch between the segregated and unsegregated methods for exempt current pension income (ECPI) calculation purposes at different periods throughout a given financial year by maintaining a small asset balance of the fund in accumulation phase, a technical expert has said.

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Accounting, Financial Planning

Disclose licensing capacity first

Accountants operating in the SMSF space need to state which side of the licensing regime they’re operating under at the commencement of client discussions, a licensing expert has said.

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Accounting, Financial Planning, Investments

Family SMSF advice now an elite specialist field

Family SMSF structures, which can be bloodline, blended or multigenerational, have become an elite specialisation and require an additional level of understanding from advisers, according to a sector expert.

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