The Australian Securities and Investments Commission (ASIC) effectively increased its powers as a result of the Future of Financial Advice (FOFA) reforms through a relaxed burden of proof standard that can be used to justify the banning of a financial adviser.

Federal Treasurer Scott Morrison has used a recent SMSF community address to emphasise the transfer balance cap introduced on 1 July should be regarded as a transitional measure only.

The start of new concessional contributions (CC) and non-concessional contributions (NCC) caps, in conjunction with the bring-forward rule, from the 2016 federal budget super changes has added an element of complexity to any contributions advice given after 1 July.

The federal government has started the third and final stage of the review into the efficiency and competitiveness of the superannuation system, with the draft report due by the end of January 2018.

The SMSF Association has welcomed the introduction of an industry funding model for the Australian Securities and Investments Commission (ASIC), labelling the move a positive for the SMSF sector.

Amendments to the federal government’s treatment of limited recourse borrowing arrangements (LRBA) and transition-to-retirement income streams (TRIS) under the incoming superannuation changes passed through both houses of Parliament last week.

The Australian Securities and Investments Commission (ASIC) has eliminated an anomaly in the exempt services rules regarding tax advice that will now enable Australian financial services (AFS) licensees to comply.

The incoming superannuation rules will impact on a significant percentage of SMSFs, with baby boomers and older members of gen X to be hit hardest by the changes, the latest analysis from Class has revealed.

Treasury has released draft legislation indicating how SMSF assets being held under a limited recourse borrowing arrangement (LRBA) will be included against a member’s total superannuation balance.