News : Regulation

Contributions, Regulation

Excess determination charge still has bite

excess determination charge

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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Documentation, Regulation

Digital signature relief extended again

electronic documents relief

The government has announced an extension of the temporary COVID-19 relief measure allowing companies to use electronic communication for documents.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

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

SMSF trustees legislation

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

draft legislation ECPI

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

six-member SMSF delays

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

SMSF best financial interests

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

FPA Better Advice bill

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

six member SMSF

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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