News : Regulation

ASIC, Regulation

TPB status key to speed of TFA registration

ASIC TPB registration

The automatic registration of tax financial advisers with ASIC will depend on their status with the Tax Practitioner’s Board at year’s end.

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Financial Planning, Regulation

Review to look at scope of accountants advice

advice review accountants

The quality of financial advice review will consider what financial advice is, who can offer it and what accountants can do in the area of super.

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ATO, Regulation

Early access discretion updated

super access

A draft Practice Statement Law Administration has been issued outlining the use of discretionary powers for illegal early access of super benefits.

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Pensions, Regulation

Govt revamps Pension Loans Scheme

pension loans scheme

The Pension Loans Scheme has received a makeover that includes a name change and a reduction in the applicable interest rate.

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Regulation

Election places super changes under cloud

Election super changes

A number of long sought-after changes may not pass through parliament before the next election due to a limited number of sitting days in the first half of 2022.

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Financial Planning, Regulation

Labor stance on degrees welcomed

Labor advisers degree

The federal opposition’s promise that it will not require experienced advisers to hold a degree has been welcomed by the SAFAA.

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Regulation, Superannuation

Separation doesn’t mean SMSF exit

SMSF separation

Spousal separation by law does not have to result in the exit of one member from an existing SMSF, regardless of practical implications.

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Regulation

Compo scheme legislation introduced

compensation scheme legislation

Legislation to establish a compensation scheme of last resort has been introduced into parliament in line with a recommendation from the Hayne royal commission.

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Regulation, Superannuation

Budget measures bill enters parliament

budget work test downsizer

Legislation to put in place a range of superannuation and pension changes announced in this year’s budget has been introduced into parliament.

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FASEA, Regulation

Bill creating disciplinary body passes

Better Advice Bill

Legislation that will formally end the work of FASEA and create a government-run disciplinary body has passed through parliament.

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