News

ETFs, Investments

Passive managers still on top

Actively managed funds Index funds SPIVA Australia Scorecard

The first half of the year proved challenging for actively managed funds, with the majority falling short of benchmark performance goals.

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AFCA

AFCA can assess shut fund claims

Australian Financial Complaints Authority AFCA Alexandra Sidoti SMSF Self-managed superannuation Determination compensation

AFCA will consider compensation claims for SMSFs that have been wound up before a determination has been made, but would act for the fund and not individual trustees.

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Accounting, Legislation, SMSFA

AML rules should exempt SMSF addresses

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 Counter-terrorism financing Anti-money laundering SMSF Corporate trustee Accountants Address

The anti-money laundering provisions should not view SMSFs using the address of an accountant in its official records as suspicious.

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ATO, Compliance

New funds monitored for illegal access

SMSF Self-managed superannuation ATO Super Fund Lookup SFLU Registration Establishment illegal access

The ATO is closely monitoring the registration details of new SMSFs to identify any fraudulent activity or attempts to illegally access superannuation entitlements.

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Compliance, Documentation, financial advice

FSG requirement relief welcomed

Delivering Better Financial Outcomes DBFO Financial Advice Association Australia FAAA Phil Anderson financial services guide FSG relief

The peak financial planning industry body has endorsed ASIC’s recent relief that will reduce red tape and costs associated with providing financial advice.

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ATO, Auditing

Auditor mail-out about education

ATO Paul Delahunty Self-managed superannuation SMSF auditors Asset valuations Mail-out

The ATO has made clear the purpose of the mail-out it undertook to SMSF auditors to allay practitioner fears of any compliance implications.

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AFCA

SMSF complaints to AFCA fall

Australian Financial Complaints Authority AFCA Financial advice complaints SMSF Self-managed superannuation

There has been an overall decline in advice-related complaints received by the Australian Financial Complaints Authority, including those involving SMSFs.

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Appointments

IFPA CEO to depart

Institute of Financial Professionals Australia IFPA Pippa McKee resignation

The Institute of Financial Professionals Australia has announced the resignation of its chief executive after five years of service.

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Administration, SMSF

AI a good SMSF administration fit

Artificial Intelligence AI SMSF administration self-managed superannuation Olivia Long

Artificial intelligence has the ability to automate many SMSF administration procedures and improve sector efficiency.

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