News : Regulation

NALI/NALE, Regulation, Tax

New NALE rules not needed

NALE

The IFPA has suggested the treatment of NALE within SMSFs and small APRA funds can be achieved by using existing rulings and legislation.

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financial advice, Regulation

Pressing QAR recommendations identified

Quality of advice review

The Joint Associations Working Group has recognised the recommendations from the Quality of Advice Review cannot be implemented all at once.

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ATO, Regulation, Superannuation

Work test anomaly addressed

Work test

An anomaly that arose from the most recent amendment to the work test has been rectified after the release of a new legislative instrument by the ATO.

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Education, financial advice, Regulation

Bill defining experience pathway released

Adviser experience pathway

Draft legislation has been introduced defining the experience pathway whereby advisers will be deemed to have met their education requirements.

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Investments, Regulation, SMSFA, Tax

Imputation system bill problematic

Franking credits bill

The SMSF Association is worried about the impact proposed legislative amendments to the franking credit system will potentially have.

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Investments, Regulation

Sole purpose a gatekeeper for assets

sole purpose gatekeeper

The sole purpose test should be seen as a gatekeeper to prevent SMSFs from investing in assets that are unsuitable for the fund and members’ goals.

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Regulation

ABN rules may lock out late lodgers

ABN SMSF trustees

Proposed changes to the Australian business number (ABN) system may lock late-lodging trustees out of their funds until they submit required information.

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Compliance, Regulation

Third option for bankrupt trustees

bankrupt SMSF trustees

Trustees may not have to exit their SMSF if declared bankrupt, with a court ruling implying reasons for bankruptcy may be a deciding factor.

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Regulation

Behind the budget – the unwritten stuff

SMSFs residency requirements

The sector will await the next budget to see if the abolition of the active member test is part of moves to relax SMSF residency requirements.

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Regulation, Superannuation

Current-day benefits can be okay

benefits sole purpose test

SMSF members can enjoy present-day benefits from investments in certain circumstances without breaching the sole purpose test.

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