News : Regulation

Accounting, Regulation

Accountants’ exemption no longer supported

accountants’ exemption

Three major accounting bodies will work together to create a simplified financial advice model, but will not consider a return to the limited licensing regime.

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Regulation

Financial services complaints rise

AFCA financial complaints

AFCA has revealed a 40 per cent increase compared to last year in the number of complaints received from Australians in dispute with financial institutions.

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Administration, Regulation

Six member funds regarded as franking credits foil

six member franking credits

A leading SMSF administrator has revealed interest among its clients to have more members in their funds has dropped away since the May federal election.

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ATO, Regulation

ATO to include SMSFs in real-time reporting

Real-time reporting ATO SMSFs

The SMSF sector will be part of the ATO’s move towards real-time reporting and until SMSFs are included, employers will be adversely affected, an SMSF expert says.

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ATO, Regulation

In-specie contributions not a NALE loophole

In-specie contributions NALE

The new non-arm’s-length expenditure provisions will still apply to situations where an in-specie contribution has been used to bridge the difference between the purchase price and market value of an asset acquired by an SMSF.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

trustees SMSF free services

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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LRBA, Regulation

New LRBA measures have wider implications

LRBA measures TSB entitlements

Amendments to the legislation governing limited recourse borrowing arrangements and their impact on a person’s total super balance could have a bearing on that member’s eligibility for other retirement savings entitlements, an SMSF expert has said.

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Regulation, Retirement

Retirement alliance endorses govt review

retirement savings system review

The Alliance for a Fairer Retirement System (the Alliance) has welcomed the federal government’s Review into the Retirement Savings System and has put forward five questions the process should answer.

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Regulation

ATO gets tough on annual return lodgement

Late lodgments of SMSF annual returns from 1 October will impact on funds’ complying status, the ATO has warned.

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Regulation, Tax

Accountants split on tax advice oversight

Accountants split on planner tax advice oversight

Accounting and tax bodies have taken a number of differing stances on which regulator should oversee tax advice provided by financial planners, with one calling for no regulation at all.

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