News

Pensions

Pensions must not be backdated

pensions backdated

Advisers and trustees of SMSFs have been cautioned that retroactively applying a pension could lead to compliance issues with the ATO.

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Auditing, Business News, SMSF

ASF Audits buys Deloitte SMSF auditing unit

ASF Audits Deloitte

ASF Audits and Deloitte have reached an agreement for ASF to acquire Deloitte’s SMSF auditing arm.

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Compliance, financial advice, Regulation

Jones accepts majority of QAR proposals

QAR recommendations

The government will accept many of the recommendations of the Quality of Advice Review, but has reserved its position on how some of them will be enacted.

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financial advice

Govt praised for QAR stance

QAR response

The financial advice sector has welcomed the government’s announcement it would adopt Quality of Advice Review recommendations that cut red tape in the advice process.

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Investments, Platforms

New WA firm added to OpenInvest platform

OpenInvest

A new online investment solution will now be available on the OpenInvest platform, offering consumers access to four diversified portfolios.

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financial advice, SMSF

Most trustees unaware of QAR

Quality advice trustees

Over half of SMSF trustees recently surveyed have indicated they have no awareness Michelle Levy’s Quality of Advice Review took place.

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Administration

AMP to sell SuperConcepts

AMP SuperConcepts

AMP has agreed to sell SuperConcepts to a private management group headed by a former CountPlus executive in a cash deal valued at $8 million.

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ASIC, Property, SMSF

Unlicensed SMSF property scheme wound up

unlicensed SMSF scheme

The Federal Court has ordered an unlicensed SMSF investment scheme to be wound up and a lifetime ban from managing corporations for one of its directors.

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Insurance, SMSF

Trustees urged to review disability cover

trustees disability insurance

Trustees choosing not to purchase permanent disability insurance due to cost-of-living pressures should be reminded they can purchase it via their SMSF so as to not lose their cover.

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Superannuation

SMSFs reject $3m soft cap

SMSF members $3 million tax

A recent sector survey has found nearly half of SMSF members believe the proposed $3 million soft cap is a bad policy initiative.

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