News : financial advice

ATO, financial advice, Regulation, SMSF, Superannuation, Tax

CSLR flaws again highlighted

The FAAA has used its latest submission to the Senate Economics Committee to renew its criticism of how the CSLR has been implemented.

The FAAA has used its latest submission to the Senate Economics Committee to renew its criticism of how the CSLR has been implemented.

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financial advice, NALI/NALE, SMSF, Superannuation, Tax

Recurrent NALE terminology clarified

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

The ATO has revised its definition of NALE that occurs in one income year but not the next as part of its new guidance on how it will administer the NALI regime.

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financial advice, Legislation, Regulation, SMSF, Superannuation, Trusts

Proof of transaction terms a concern

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

The procedures of SMSF auditors pertaining to transactions conducted at arm’s length have been recognised as an area of regulatory concern.

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Business News, financial advice, SMSF, Superannuation

LRBA repayment plan required

Auditors are likely to insist on seeing a full repayment schedule for an SMSF related-party loan to ensure compliance with PCG 2016/5.

Auditors are likely to insist on seeing a full repayment schedule for an SMSF related-party loan to ensure compliance with PCG 2016/5.

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financial advice

Dixon Advisory clients should be heard

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

A call has been made to allow clients who lost money in the Dixon Advisory collapse to be allowed to appear at the related Senate hearings.

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financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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financial advice, Financial Planning

Limit SMSF compensation to the fund

The FAAA has called for any money paid to an SMSF via the Compensation Scheme of Last Resort to be limited to the fund and not multiplied by the number of members it contains.

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financial advice, Financial Planning

Apply higher CSLR levy to phoenix firms

Financial Advice Association Australia FAAA CSLR Compensation Scheme of Last Resort Senate inquiry Dixon Advisory Phoenixing E&P Financial Group

Financial advice licensees that shut down firms to avoid paying compensation claims should be hit with an additional CSLR levy as a penalty for their behaviour.

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financial advice, Financial Planning

Govt cautious on new class name

A previous attempt by the government to name its proposed new class of adviser has left it cautious about trying again as it attempts to find an appropriate and acceptable title.

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financial advice, Retirement, SMSF, Superannuation

Demand for one-off advice significant

The need for accessible financial advice continues to grow, but many consumers would prefer to pay for it based on specific needs rather than as part of a comprehensive plan.

The need for accessible financial advice continues to grow, but many consumers would prefer to pay for it based on specific needs rather than as part of a comprehensive plan.

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