News : Legislation

Legislation, NALI/NALE

NALE rectification off the table

Treasury has indicated rectification for NALE breaches is inconsistent with anti-avoidance provisions, providing the reason why it is not part of the current bill before parliament.

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Legislation, NALI/NALE

Senate review approves NALE bill

Senate Economics Legislation Committee NALE NALI bill legislation

A seven member Senate committee has recommended new NALE provisions should pass parliament without any changes to the bill that will enact them.  

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Administration, Documentation, Legislation

Paper deeds provide legal certainty

SMSF trust deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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AAT, Compliance, Legislation, Regulation

Past actions can bar trustee appointment

SMSF disqualified trustees Dishonest conduct SIS act

People who wish to become SMSF trustees must present a clean sheet of behaviour in regards to dishonest conduct as past actions can bar them from being appointed.

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financial advice, Legislation

Industry input crucial to more QAR changes

Stephen Jones Quality of Advice Review Safe harbour Statement of advice QAR

Several outstanding recommendations of the Quality of Advice Review will be legislated in 2024, contingent on further discussions with industry bodies.

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Accounting, Legislation, Regulation

Single financial reporting body to be formed

Australian Accounting Standards Board Auditing and Assurance Standards Board Financial Reporting Council amalgamated merger

The government will amalgamate three existing financial reporting bodies into one entity that will implement new climate and sustainability standards.

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Legislation, Superannuation

Super objective bill enters parliament

objective of superannuation bill Superannuation (Objective) Bill 2023

The bill to enshrine the objective of superannuation has entered parliament, with the central wording unchanged since first proposed earlier this year.

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Legislation, SMSF, Superannuation

Govt has taken sides in super wars

NALE $3 million superannuation earnings tax Angus Taylor

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

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financial advice, Legislation

QAR bill needs rapid action

QAR Quality of Advice Review recommendations legislation

The bill to implement Quality of Advice Review recommendations needs to progress rapidly through parliament if the changes are to be of any benefit to the advice sector.

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