News : Legislation

Legislation, Regulation

Financial law reform desperately needed

Australian Law Reform Commission ALRC financial services legislation final report

Financial services and corporations legislation is overly complex and in dire need of reform with a government agency recommending widespread changes.

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Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

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Documentation, Legislation, SMSFA

Digital execution of declarations accepted

Digital execution Statutory declaration Deed myGov

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

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Legislation, SMSFA, Superannuation, Tax

$3m soft cap issues ignored

$3m soft cap tax Superannuation earnings tax Division 296 tax SMSF Association

The proposed bill to implement the $3 million soft cap tax has been sent to the Senate without considering its impacts in several critical areas.

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ASIC, FASEA, financial advice, Legislation

Adviser exam pushed back

ASIC Financial adviser exam

The first ASIC adviser exam of 2024 will be pushed back by more than a month as the regulator implements changes to its content and eligibility criteria.

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financial advice, Legislation, SMSFA

SMSFA seeking clarity over adviser class

SMSFA Qualified advisers Quality of Advice Review Accountants

An industry body has called for further details regarding the implementation of the final recommendations of the Quality of Advice Review.

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Legislation, Superannuation

Industry super objective view clear

Objective of superannuation Treasury Consultation

Consultation on the proposed objective of superannuation showed significant support for what the measure should ultimately achieve.

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Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

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financial advice, Legislation

Mixed reception to govt advice plan

Quality of advice review Qualified advisers financial advice Stephen Jones

The industry has praised the government for proposing to implement outstanding QAR recommendations, although there are concerns about the quality of the advice that may be provided.

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financial advice, Legislation, Retirement, SMSF

SMSF advice requirement unnecessary

SMSF Retirement Income Covenant Financial advice advisers

A recent proposal to extend the Retirement Income Covenant provisions to SMSFs is unlikely to adequately meet the current financial advice needs of trustees.

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