News : Financial Planning

financial advice, Financial Planning, Legislation

SOAs to go under further DBFO reform

March 24, 2025

Delivering Better Financial Outcomes, DBFO, Stephen Jones, Treasury, Federal Election, Parliament, Client Advice Record,

The statement of advice may soon be replaced with a client advice record under the next stage of the government’s advice reform package.

Advice can offset retiree stress

March 24, 2025

Lara Caughey

Many Australians are concerned about their finances in retirement, but access to advice is available to many of them and they should seek it as soon as possible.

Trustees obliged to approve advice payments

SMSF trustees, financial advice, superannuation, tax, IPFA, Institute of Financial Professional Australia, Natasha Panagis,Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, financial advice fees, tax deduction, ATO, draft practical compliance guideline

March 10, 2025

Jason Spits

Trustees should be reminded advice fees can now be charged back to an SMSF, but they will need to examine and sign off each time a member requests this type of payment.

Coercive control an issue for SMSFs

Coercive control, domestic violence, SMSF, SMSFA, Tracey Scotchbrook, Parliamentary Joint Committee, ATO, SMSF Association National Conference 2025,

March 3, 2025

Darin Tyson-Chan

SMSFs have been identified as a financial structure that perpetrators of domestic violence and coercive control can use to their advantage.

AML changes capture accountants

SMSF advice, Anti-Money Laundering/Counter Terrorism Funding , AML/CTF, accountants, SMSF Association, Keddie Waller, designated services, SMSF set-up, registered post office, AUSTRAC

March 3, 2025

Jason Spits

Changes to anti-money laundering laws will capture SMSF advice provided by accountants, who have been left with limited time to comply with the new measures.

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financial advice, Financial Planning

FAAA calls for fixing of CSLR flaws

FAAA, CSLR, post-implementation review, Financial Advice Association of Australia, Compensation Scheme of Last Resort, personal advice, general advice, wholesale client advice, special levy, sector cap, $10 million

March 3, 2025

Darin Tyson-Chan

The FAAA has made several key recommendations to improve the CSLR in its submission regarding the post-implementation review of the measure.

Accountants’ advice role to be upped

Accountants, ATO portal, Treasury, Tax agents, Shadow minister for Financial Services, Luke Howarth, SMSF Association National Conference 2025,

February 24, 2025

Darin Tyson-Chan

Accountants will be allowed to play a more significant role in the provision of financial advice should the coalition win the next federal election.

Reconsider accountants advice role

Accountants, superannuation advice, New Class of Adviser, Institute of Financial Professional Australia, IFPA, Natasha Panagis, ATO portal, registered tax agent, limited licensing

February 18, 2025

Jason Spits

The ability for the proposed new class of adviser to provide super advice has reignited calls for accountants with their higher qualifications to be able to do the same.

SMSFA welcomes expanded pathway

The SMSF Association has welcomed an expansion of the pathway for new entrants into financial advice, but wants to ensure current quality standards are retained.

February 11, 2025

Jason Spits

The SMSF Association has welcomed an expansion of the pathway for new entrants into financial advice, but wants to ensure current quality standards are retained.

New adviser pathway expanded further

The pathway for new entrants into financial advice will be expanded to include anyone with a bachelor’s degree after they have completed core units of study related to the sector.

February 10, 2025

Jason Spits

The pathway for new entrants into financial advice will be expanded to include anyone with a bachelor’s degree after they have completed core units of study related to the sector.

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