News

ASIC, financial advice, Financial Planning

Three licensees cop enforcement action

ASIC has taken punitive action against three Australian financial services licence holders for allowing unregistered authorised representatives to provide personal financial advice.

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financial advice, Legislation, SMSF, Superannuation

CSLR should be future govt priority

The FAAA has called for the next federal government to urgently fix the CSLR and move quickly to advance reforms that will reduce advice costs and open pathways to new advisers.

The FAAA has called for the next federal government to urgently fix the CSLR and move quickly to advance reforms that will reduce advice costs and open pathways to new advisers.

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Contributions, Superannuation, Tax

Tax impact of withdrawals nuanced

Sound knowledge of the rules regarding super fund drawdowns is a must to determine the level of tax deduction available for a personal contribution.

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Auditing, NALI/NALE

NALE identification role shared

Tax agents have a shared role with auditors in identifying where NALE has arisen in an SMSF and a failure to recognise it may be a breach of their obligations.

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Education

CAANZ offers AI accreditation course

Artificial Intelligence, AI, Chartered Accountants Australia and New Zealand, Deloitte, Peter Williams, Simon Hann, Inbal Rodnay,

CAANZ has introduced a new course for members aimed at developing their use of artificial intelligence and implementing it within their practices.

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Compliance, Technology

From MFA to the sock drawer: SMSF security

SMSFs must employ professional security protocols to protect their assets in the wake of an increased number of cyberattacks.

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ATO, financial advice, Legislation

UPE classification may now change

Insurance proceeds, institute of Financial Professionals Australia, IFPA, Natasha Panagis, ATO, income Tax Regulations,

The treatment of UPEs as loans from beneficiaries to unit trusts may no longer stand due to a recent full Federal Court decision.

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ATO, Contributions, Insurance

Fund insurance proceeds get new treatment

Insurance proceeds, institute of Financial Professionals Australia, IFPA, Natasha Panagis, ATO, income Tax Regulations,

A new method to treat insurance proceeds received by a super fund has been unexpectedly included in draft Taxation Ruling 2010/1DC2.

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Investments, Markets

SMSFs follow trend to mining stocks

Advised SMSFs showed more diversity in their leading stock picks during March as many investors showed a preference for mining shares.

Advised SMSFs showed more diversity in their leading stock picks during March as many investors showed a preference for mining shares.

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Investments

Low cash rates costing thousands

SMSFs may be able to generate thousands more in interest rate returns from cash investments by looking for a new provide rather than remaining loyal to a low-rate provider.

SMSFs may be able to generate thousands more in interest rate returns from cash investments by looking for a new provider rather than remaining loyal to a low-rate provider.

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