News

Business News, financial advice

New level of IFPA membership on offer

IFPA Membership Pippa McKee

Members of the Institute of Financial Professionals Australia are now able to access a premium level of membership that has just been launched.

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Property, SMSF

Use property as compliance reminder

SMSF advisers can use the purchase of a property by a trustee as a trigger to remind them and other professionals of the ongoing compliance and administration obligations that will need to be met each year after acquisition.

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ATO, SMSF, SMSFA, Superannuation

New clearing house protocols for SMSFs

ATO Small Business Superannuation Clearing House Superannuation guarantee SMSF SBSCH Employees

The ATO has implemented an additional verification measure for any entitlements deposited into an employee’s SMSF account via the Small Business Superannuation Clearing House.

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ASIC, Auditing, Compliance

ASIC sanctions 15 auditors

ASIC SMSF auditors APES 110 Code of Ethics for Professional Accountants Independence standards

ASIC has taken enforcement measures against 15 SMSF auditors for breaches of the independence standards, with 13 practitioners having conditions imposed on their registrations.

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financial advice, Tax

Industry seeks clarity on fee deductibility

financial advice fees FAAA ITAA TD 2023/D4 ATO tax deduction tax deductibility

A group of industry bodies has urged the ATO to provide further details on the tax deductibility of financial advice given to clients on pre-existing investments.

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Cryptocurrency, Investments, Regulation

Investment scam losses stemmed

Investment scams ACCC National Anti-Scam Centre Cryptocurrency

Anti-scam initiatives by the government have significantly reduced the level of consumer losses in the first six months of their operation.

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ASIC, ATO, Compliance, SMSF

Call to report illegal access advice

Illegal early access SMSFs ATO ASIC Promoters

Superannuants have been asked to report individuals who are encouraging illegal early access of retirement savings balances to the ATO.

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LRBA, Property, SMSF

Property purchase dictated by deed then law

SMSF Property LRBA Trust deed

Superannuation and tax laws are unlikely to be the barriers to an SMSF purchasing property, with the rules of the fund set by the trustee being the first source of possible trouble.

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Retirement, Superannuation

Retiree living costs beginning to ease

ASFA Retirement standard Retirement Living costs Energy bill relief fund rebates

Australian retirees are needing more funds than ever for a comfortable retirement, yet there are signs the rise in prices for essential goods and services is starting to moderate.

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Compliance, Investments

SPT compliance about motives

Motivation Investments Sole purpose test SMSF

Compliance with the sole purpose test is reliant upon the reasons behind making a particular investment rather than the assets in question.

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