News : Regulation

Regulation, Retirement, Superannuation

Draconian franking credit policy risks recession

A fund manager has warned Australia faces the prospect of its first economic recession in almost three decades if the Labor Party introduces its dividend imputation policy if it wins the next election.

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Accounting, Financial Planning, Regulation

Licensing framework fails to kick goals: report

The removal of the accountant’s exemption in 2016 has failed on the government’s objective of improving access to SMSF advice, with over 35 per cent of practices having no licence, according to a new study released today.

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Regulation, Retirement, Superannuation

Franking policy will hurt low-income retirees

New data analysis by SuperConcepts reveals the Labor Party’s franking credit policy proposal will pinch the pockets of low-income retirees.

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Investments, Regulation

Imputation credit policy may hit stock returns

Labor’s plan to abolish cash refunds on franking credits could have an impact on the return profile of higher dividend-paying stocks, according to a bond investor.

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Regulation

Franked dividends boost corporate balance sheets

Australia should retain cash refunds for excess imputation credits for super funds as this is the reason Australian corporate balance sheets are in robust condition, according to Fidelity Australia.

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Compliance, Regulation

NALI dictates better expense examination

The ATO’s amended stance on non-arm’s-length income (NALI) to include cost savings means advisers must now perform a more comprehensive analysis of certain expenses an SMSF incurs to avoid the associated income being taxed at the highest marginal tax rate, a technical expert has said.

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ASIC, LRBA, Regulation

Adviser banning blurs best interest duty

A red and white sign reading wrong way seen over shoulder of a man

The recent banning of SMSF adviser Jason Atkins has highlighted the dangers financial planners face in complying with the best interest duty requirements under the Future of Financial Advice reforms, a strategy specialist has said.

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Regulation, Tax

Imputation credit policy reversal not guaranteed

Individuals concerned about the Labor Party’s proposed banning of franking credit refunds in certain circumstances should not expect a future coalition government to repeal the policy should it become law, a representative for senior Australians has advised.

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ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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ASIC, Regulation

Consistent advice must avoid checklist routine

The Australian Securities and Investments Commission (ASIC) has reaffirmed its position on how the financial advice industry should achieve consistent standards in light of the banking royal commission.

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