News : Regulation

ATO, Regulation, Residential Property

Aussiegolfa must not prompt related-party dealings

The ATO’s decision not to seek special leave to appeal the full Federal Court decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation in respect of the sole purpose test should not offer SMSFs comfort in thinking they can lease residential property to related parties, a financial planner has warned.

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Investments, Regulation

Fund manager calls for franking credit refund cap

A fund manager has proposed the implementation of caps on maximum franking credit refunds per person as an alternative solution to scrapping the refunds altogether.

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Regulation, Superannuation

Treasury releases work test exemption draft laws

The federal government has released draft legislation and regulations that will provide a one-year exemption from the work test for super contributions to allow recent retirees to boost their super balances.

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Financial Planning, Regulation, Superannuation

Seismic change predicted from royal commission

The banking royal commission’s final report will likely be the catalyst for unprecedented change in the financial services industry, an industry executive has said.

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Accounting, Financial Planning, Regulation

Gross incomprehension over accountants’ exemption

Recent lobbying efforts for the reinstatement of the accountants’ exemption have revealed many practitioners have failed to understand the original framework, according to an SMSF industry body.

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Accounting, Regulation

Fund accounting can deliver TSB gain

Using tax-effect accounting when preparing the financial statements of an SMSF can be of benefit when determining a member’s total super balance (TSB), according to a superannuation technical expert.

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Regulation

FSC admits to sector cultural issues

The Financial Services Council (FSC) has acknowledged the conduct of financial services providers has been unacceptable over many years and the sector needs an urgent cultural transformation.

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Financial Planning, Regulation

Interim report questions key advice concerns

tax impact; franking credits

The royal commission into banking, superannuation and financial services has identified greed and the “pursuit of short term profit at the expense of basic standards of honesty” as the reasons for the misconduct, and highlighted several issues for the financial advice sector.

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ATO, Regulation

ATO must deliver NALI guidelines

The ATO should provide the industry with official guidelines spelling out the difference in internal transactions under the new non-arm’s-length income (NALI) rules once they are passed into law, a technical expert has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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