News : Legislation

ATO, Legislation, Regulation, SMSFA

SIS changes raise oversight concerns

SMSF Association ATO Oversight Regulations SIS Act

The SMSF Association has questioned the long-term outcomes of proposed changes to the fund registration process that move oversight from superannuation legislation to regulations.

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Contributions, Legislation, Tax

Reserve allocations a $3m cap issue

Reserve allocations Total superannuation balance Contributions $3 million soft cap tax Concessional cap

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

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Legislation, NALI/NALE, SMSFA

Proposed NALE measures inequitable

SMSF Association NALE non-arm's length expenditure Treasury

The SMSF Association has restated its view that the proposed NALE measures are unfair, but it is unlikely they will be changed.

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financial advice, Legislation

Adviser class name may change

Financial advice QAR Quality of Advice Review Qualified advisers

Concerns from industry and consumers may force the government to change the naming of the new class of financial advisers as part of the QAR reforms.

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financial advice, Legislation

Accountants call for end to adviser exam

Financial adviser exam Quality of Advice Review Chartered Accountants Australia and New Zealand CPA Australia

Two industry bodies have urged Treasury to consider removing the financial adviser exam administered by ASIC.

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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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