News : Regulation

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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Investments, Regulation

Govt to launch franking credit inquiry website

The federal government will soon establish a website to encourage all concerned parties to express their views to the House of Representatives Standing Committee on Economics inquiry into the proposed removal of franking credit refunds for certain individuals.

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Pensions, Regulation, Superannuation

Franking ban to inflame age pension reliance

A new survey of investors has found nearly half of respondents, 44 per cent, expect to be more reliant on the age pension if the Labor Party’s proposed policy to ban excess franking credit refunds becomes a reality.

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Regulation, Retirement

Franking credit plan would hit low, middle earners

The Labor Party’s proposal to stop cash refunds of excess franking credits would impact on low and middle-income earners rather than just SMSFs as intended, according to the federal government.

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Financial Planning, Platforms, Regulation

Franking credit plan to bring platform complexity

Advisers managing SMSF clients on platforms will need to consider the tax positioning of the platforms to assess the level of refunds clients can receive on their franking credits should Labor’s proposal become policy, a consultant has said.

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