News : Regulation

Advisers have best financial interest duty role

July 28, 2021

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Regulation, Superannuation

Legs and regs still a challenge

July 19, 2021

Darin Tyson-Chan

SMSF trustees are continuing to seek assistance from financial planners regarding changes to superannuation legislation and regulation changes.

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ECPI, Regulation

No ECPI default calculation method

July 8, 2021

Darin Tyson-Chan

A default option does not exist in the draft legislation allowing an ECPI calculation method choice when an SMSF has periods during a financial year when it is wholly in pension phase, as well as others when it is not.

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Regulation, Superannuation

Six-member time frame will create delays

July 6, 2021

Tia Thomas

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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Compliance, Regulation

Best financial interests duty not a chore

June 29, 2021

Jason Spits

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

June 28, 2021

Tia Thomas

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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Regulation, Superannuation

Six-member bill passes through parliament

June 21, 2021

Jason Spits

Legislation to allow the creation of six-member SMSFs has passed through parliament, but has drawn a cheap shot at advisers from a senator.

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Regulation, Superannuation

Six-member SMSF law progresses

June 17, 2021

Jason Spits

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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Financial Planning, Regulation

AFA questions disciplinary body remit

June 2, 2021

Tia Thomas

The AFA has recommended the new single disciplinary body not review administrative and minor matters to avoid cost blowouts in adviser regulation.

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Compliance, Regulation

SMSFA backs new disciplinary body

June 1, 2021

Darin Tyson-Chan

The government’s plans to form a single disciplinary body for financial advisers as an initiative to help streamline the advice sector has been welcomed by the SMSF Association.

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