News : Regulation

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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Regulation, Superannuation

Six-member SMSF law progresses

six-member funds

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

AFA disciplinary body

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

advisers disciplinary body

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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FASEA, Regulation

Opposition slams FASEA as failure

FASEA failure

Labor’s Stephen Jones has said the government’s claim it has regained authority over the functions of FASEA is evidence of its failure and the policies that created it.

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FASEA, Regulation

Govt reclaims authority with FASEA move

Government FASEA transfer

The transfer of the FASEA regime back under government control represents the restoration of parliamentary authority, a senior minister has said.

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