News

Documentation

Director ID extension likely

Director ID extension

An extension to apply for the director ID is likely due to the process involved and the large numbers of people yet to meet the deadline.

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Education

Express accreditation pathway for CFPs

CFP SMSF accreditation

Certified financial planners will have a new express specialist accreditation avenue to the SMSF sector effective January 2023.

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Property

Review business real property status

business real property status

The status of business real property is not set once, but will vary dependent on use and should be reviewed annually.

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LRBA

Time right for LRBA refinancing

LRBA refinancing

SMSF practitioners should be looking at the interest rates on clients’ LRBAs as many may be suitable for refinancing at lower rates.

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financial advice

Advisers reminded of registration requirement

advisers registration

Financial advisers have been reminded of the need to register with the Financial Services and Credit Panel before 1 July next year.

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ATO, Documentation

ATO encourages early reporting

ATO early reporting

SMSFs should make early reports of events that impact a member’s transfer balance account which creates more clarity around the fund’s status.

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Crypto Assets

NFT status adds to complexity

NFT SMSF

There is an increased amount of complexity to a situation where an SMSF holds an NFT due to the ATO’s classification of these types of assets.

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Accounting, financial advice

Underlying pain needs recognition

SMSF pain point

The true nature of a client’s pain point in the running of their SMSF needs to be recognised by accountants to improve the value of their service.

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financial advice

Question complex client requests

complex SMSF plans

Advisers should ask clients to provide context for complex SMSF plans where they appear to be seeking approval for their actions.

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financial advice

Fee to distinguish dedicated financial planners

fee financial planners

The ability to charge a fee for their services will be a differentiating characteristic for financial planners in the newly proposed advice model.

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