News : Regulation

Investments, Regulation

DomaCom unaffected by MIT law revision

Draft legislation from the federal government addressing the tax leakage of foreign investment into residential and rural property will not affect the operations of fractional property investment firm DomaCom.

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Education, Financial Planning, Regulation

FASEA issues correction on foreign qualifications

The Financial Adviser Standards and Ethics Authority (FASEA) has issued a clarification today about an error it made in its draft guidance on education pathways for new and existing financial advisers with foreign qualifications.

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Compliance, Regulation

Royal commission draws line in the sand

Minister for Revenue and Financial Services Kelly O’Dwyer has implored the financial services industry to use the royal commission as the point at which it moves to regain the trust of consumers.

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Regulation, Superannuation

SMSF analysis restates PC report’s figures

Class has reaffirmed the performance of SMSFs compared to Australian Prudential Regulation Authority (APRA)-regulated funds, following discrepancies in the Productivity Commission’s inquiry into superannuation.

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Compliance, Regulation, Superannuation

SuperStream announcement a mixed bag

A superannuation industry technical expert has described the federal government’s proposal to include SMSFs within the SuperStream rollover system as a positive development, but has identified some of the other elements included in the initiative as potentially being problematic.

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Regulation, Superannuation

Treasury releases updated SG draft

Treasury today released an exposure draft of the updated Superannuation Guarantee (Administration) Regulations 2018 as the 1993 iteration is scheduled to sunset on 1 October 2018.

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Regulation, Superannuation

Treasury releases SMSF SuperStream draft laws

Treasury today released its exposure draft to amend the Superannuation Industry (Supervision) Regulations 1994 (SISR) to extend the operation of SuperStream to capture SMSFs, with the consultation period now open.

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Investments, Regulation

Managers must deliberate franking ban

Asset managers that offer investments with excess franking credit refunds will need to rethink their offerings and prepare for likely client departures should Labor’s proposed franking ban transpire.

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Education, Financial Planning, Regulation

Enforce bridging course if advisers fail exam

Financial advisers and accountants should only be compelled to do bridging courses under the new education reforms if they fail the national financial adviser examination proposed by the standards board, according to an academic.

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Auditing, Regulation

Audit paper, consultation period welcomed

The SMSF Association is pleased with Treasury’s decision to address initial industry concerns and provide an eight-week feedback period for its discussion paper on the proposed three-yearly audit cycle for some SMSFs as the next steps for the policy are crucial.

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