News

financial advice, Legislation

CSLR levy cost will pass to consumers

Financial advisers Compensation Scheme of Last Resort Funding

The costs imposed upon advisers to fund the compensation scheme of last resort conflict with the government’s aim to make financial advice more affordable and will be borne by consumers.

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ASIC, Auditing, Practice Management

New service for SMSF auditors

SMSF auditors Professional review Auditors Institute

Members of The Auditors Institute will soon have a new service made available to them should they want a professional review of their practices.

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Property, Superannuation

Early access won’t overcome deposit hurdle

Property Home ownership Superannuation Deposit

Early access to superannuation for housing would not meet deposit requirements for an average dwelling, with most young homebuyers having super balances below those levels.

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Aged Care, Retirement

Aged-care funding clarity needed

Aged care Aged care Taskforce Funding Retirees Association of Independent Retirees

A professional body representing self-funded retirees has requested more detail into the funding arrangements outlined in the final report prepared by the aged care taskforce.

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Compliance, SMSF

Disqualification crime has no limit

SMSF trustee criminal offence disqualified person

An offence committed by an individual that disqualifies them from being an SMSF trustee will be held against them forever.

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Documentation, Trusts

Review of deed chain essential

SMSF trust deed deed chain changes Cooper Grace Ward Nathan Rutherford

Checking the history of changes to an SMSF trust deed and ensuring they are valid is crucial to planning for the potential death of a fund member.

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financial advice

Retrospective CSLR is counter to QAR

SMSF Association Quality of Advice Review adviser levy compensation scheme of last resort CLSR

The addition of a retrospective compensation scheme levy with a high ASIC industry supervision fee will add further strain on the advice sector.

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Administration, ATO, Compliance, Investments

ATO SMSF investment role spelt out

ATO SMSF Investment strategy Investments

The ATO’s role in assessing whether an SMSF investment strategy is appropriate has been confirmed by a financial services practice principal.

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ATO, Contributions, Strategy

Reserving NCCs not recommended

ATO Contribution reserves Non-concessional contributions Concessional contributions Strategy SMSF

Reserving strategies should be limited to concessional contributions as non-concessional contributions are likely to encounter regulatory hurdles.

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LRBA, SMSF

Asset transfer after LRBA optional

SMSF LRBA limited recourse borrowing arrangement bare trust transfer

SMSFs do not have to transfer an asset from a bare trust after paying off an LRBA, but not doing so will constrain its use by the fund.

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