News : Regulation

Compliance, Regulation, Retirement, Superannuation

Retirement work hours are strict

Definition of retirement Work SMSF Condition of release

The maximum number of hours associated with retirement status is a strict measure applied per week and not over a longer period of time.

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Compliance, Regulation, SMSF

Stamp duty waiver needs legal counsel

Stamp duty exemption concessiobn SMSF Property transfer Division 296 tax

SMSF practitioners could face potential legal action if they incorrectly advise clients on stamp duty exemptions when transferring assets from a fund.

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financial advice, Regulation

Call to change GST rebates for advice

GST SMSF Association Advice fees Rebate

A legal revision is being sought to allow super funds and platforms to continue the practice of claiming a rebate for GST charged on advice fees.

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AFCA, Regulation, SMSFA

Govt should pay all Dixon claims

SMSF Association Dixon Advisory Compensation Scheme of Last Resort Peter Burgess

The government should recommit to funding all compensation claims related to Dixon Advisory to remove the unfair financial burden they will place on advisers.

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Legislation, Regulation, Retirement

Simple retirement contributions reform needed

Retiree Super Members Council Contribution

The government should remove the rule that requires retirees to open a new accumulation-phase super fund for contributions if they decide to engage in part-time work.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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AFCA, financial advice, Regulation

Dixon AFCA membership termination supported

FAAA Dixon Advisory CSLR AFCA

The FAAA has supported a proposal to cancel Dixon Advisory’s AFCA membership, citing concerns compensation linked to the case is adding to an unsustainable levy for advisers.

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financial advice, Investments, Regulation

Wholesale tests revision essential

wholesale investor test wholesale client test indexation accountant’s certificates SMSF Association Chartered Accountants Australia and New Zealand CPA Australia Institute of Public Accountants

Any increase to the wholesale investor tests must include indexation to keep them current, but accountants’ certificates should be removed as they are no longer fit for purpose.

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ASIC, financial advice, Regulation

Advisers must self-declare experience status

Financial advisers ASIC Experienced provider pathway

Financial advisers must self-declare their status as an experienced provider to use that qualification pathway to continue providing advice from the start of next year.

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AAT, ATO, Compliance, Legislation, Regulation

Disqualification overturned despite breaches

AAT ATO Trustee disqualification SMSF Gordon Merchant

The AAT has overturned the disqualification as trustee of the founder of Billabong despite several breaches of superannuation laws.

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