News : Regulation

Regulation

Govt names independent advice review head

Quality Advice review

The terms of reference for the Quality of Advice Review have been released, with the federal government also announcing Michelle Levy will head up the review.

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Regulation, Superannuation

Superannuation balance cap position endorsed

superannuation balance cap

Labor’s commitment not to introduce a superannuation balance cap should it form government later this year has been applauded by the SMSF Association.

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Auditing, Regulation

New audit clients draw caution

SMSF audit clients

Entering into new client relationships as a result of the amended auditor independence standards needs a great degree of professional scrutiny.

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Administration, Regulation

Balance tops legal permission

member balance release condition

The obligation to determine if there are sufficient funds to make a member payment is the most important consideration for SMSF trustees.

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Compliance, Regulation

Director ID process still confusing many

director ID process

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

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Compliance, Regulation

Director ID penalties are severe

director ID penalties

Directors of corporate SMSF trustees have been warned severe penalties can be issued for non-compliance with the new director ID regime.

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Regulation

Work test rule change not complete

work test amendments

The process required to put the abolition of the work test into law for people up to the age of 75 may not be completed before the federal election.

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Regulation

Budget super measures pass parliament

superannuation parliament

A number of key measures from the last budget have passed through parliament, while others remain in limbo before the next election.

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Regulation, Retirement

Retirement Income Covenant becomes law

retirement income covenant

Superannuation funds will be required to provide strategies to members on how they can use their funds in retirement as the long-awaited covenant becomes law.

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Financial Planning, Regulation

Advice review must recognise accountants

CAANZ accountants advice

CAANZ has advocated for accountants to be able to provide superannuation advice after having been ignored under the FASEA regime.

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