News

Contributions, Superannuation

Contribution caps based on past mistakes

contribution caps past

The level of superannuation contribution caps is not based on the current needs of Australians but on the advantages gained by a few in the past.

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financial advice

QoA Review recommends wider advice definition

QAR advice definition

The Quality of Advice (QoA) Review report has called for a wider definition of financial advice but recognised the unique work of advisers.

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financial advice

FPA wants rapid QoA Review response

FPA QoA response

The FPA has called on the government to implement a number of the Quality of Advice Review recommendations as quickly as it can.

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Retirement

Certain TRIS requirements needed

TRIS requirements

Certain requirements need to be satisfied before an SMSF member can consider commencing a transition-to-retirement income stream.

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BDBNs, Estate Planning

Ensure estate plans match BDBN intent

estate planning BDBN

The certainty about the operation of a BDBN means SMSF advisers should ensure related estate planning matches the intent of the nomination.

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Accounting

Loan scheme to support accounting students

fee-help CAANZ

CAANZ has been approved to offer the Fee-Help loan scheme to accounting students which should attract new talent to the profession.

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Pensions

Death pensions go beyond TBC focus

Reversionary pension TBC

The effect a reversionary pension has on a personal TBC is not the only element SMSF trustees should examine on the death of a member.

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Auditing

Auditors should question related-party status

auditors related party

Auditors should check if third parties linked to an SMSF are a related party, but funds can clarify this by mapping out these arrangements.

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financial advice

New advisory body name released

FPA AFA new name

The new name for the industry body that will result from the proposed merger between the FPA and AFA has been announced.

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Cryptocurrency

Govt to advance crypto regulation

cryptocurrency regulation

The regulation of cryptocurrency is about to be improved with the government implementing a three-pronged approach to achieve this objective.

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