News : Regulation

AFCA, financial advice, Regulation

Dixon compensation may exceed $135m

Australian Financial Complaints Authority AFCA CSLR Compensation Scheme of Last Resort Dixon Advisory FAAA Financial Advice Association Australia Compensation Advisers

Financial advisers may have to cover over $135 million in compensation claims due to the collapse of Dixon Advisory, reigniting calls for a review of the CSLR funding model.

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Legislation, Regulation, SMSF

Residency rule change may be closer

Residency SMSF Self-managed superannuation Active member test Safe harbour

The proposed changes to the superannuation residency rules first put forward in 2021 may be closer to coming to fruition.

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Documentation, Regulation, SMSF, Trusts

New trust reporting requirements for SMSFs

MTAS Modernisation of Trust Administration Systems SMSF Self-managed superannuation Trusts Capital gains SMSF Association ATO

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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Investments, Property, Regulation, SMSF

Local law limits overseas property exposure

Direct property SMSF Self-managed superannuation Overseas property 13.22C entity In-house assets

While SMSFs can invest in property overseas, Australian laws may consider such an action a breach of trustee obligations and caution should be exercised.

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financial advice, Regulation

FAAA cautious about ASIC levy

adviser levy ASIC Cost Recovery Implementation Statement FAAA Financial Advice Association Australia Sarah Abood

The Financial Advice Association Australia has noted the latest proposed figure for the ASIC adviser levy is only an estimate and is still too high given the income the regulator generates from penalties each year.

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financial advice, Regulation

Adviser exam pass rate steady

ASIC Financial adviser exam

New data from ASIC has shown the pass rates for the financial adviser exam remained steady across the March and June sitting dates.

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Auditing, Documentation, Regulation, SMSF

Auditors in court over poor records

SMSF auditors ATO ASIC Documentation Asset valuations

Auditors are increasingly ending up in court for not properly documenting their reasons for approving asset valuations in the funds they audit.

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ASIC, Regulation, SMSF, Superannuation

Senate inquiry slams ASIC over Dixon response

ASIC Senate Dixon Advisory Self-managed superannuation SMSF Senate inquiry

A Senate committee has criticised ASIC for its response to the Dixon Advisory case as part of an inquiry into the regulator’s handling of corporate misconduct.

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Regulation, Superannuation

Employment after retiring okay

Definition of retirement Condition of release SMSF Self-managed superannuation

Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income stream.

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Administration, ATO, Compliance, Regulation, SMSF

Active member test hinges on contributions

Active member test Contribution SMSF Residency ATO PBR

An SMSF can still meet the active member test if a trustee leaves Australia for an extended period, but the fund’s complying status will depend on contributions made during that time.

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