News

ASIC, financial advice, Financial Planning

ASIC levy to rise past $3000

ASIC adviser levy

The financial adviser levy charged by ASIC will climb past the level that led to the previous government imposing a two-year freeze on the industry funding applied by the regulator.

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NALI/NALE

New bill may provide NALE fix

NALE bill

A solution to one NALE issue could potentially be provided by the interaction of the bill tabled in parliament last week and TR 2010/1DC.

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Compliance, Cryptocurrency, Investments, SMSF

Derivatives require extra trustee care

Derivatives SMSF

SMSF trustees need to be aware of their heightened obligations under the SIS Act when investing in complex financial securities such as derivatives.

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Downsizer

Downsizer valuations absolute

Downsizer valuation

The valuation rules applied to downsizer contributions are very strict and not consistent with other tax provisions regarding property transactions.

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NALI/NALE

Guidelines useful in navigating NALI

NALI guidelines

SMSF practitioners should follow two straightforward rules of thumb to ensure NALI compliance when engaging in property development projects.

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Pensions

Use pension payment workaround sparingly

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

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ASIC, financial advice

Adviser levy set to increase

adviser levy

The government will end the temporary relief program on the ASIC levy paid by financial advisers from the end of this financial year.

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Compliance, financial advice, Financial Planning

Compensation scheme to start next year

Compensation scheme last resort

A compensation scheme of last resort will be in operation by early next year, but questions have been raised about its coverage and funding model.

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In-house assets, LRBA, Trusts

Trusts not an ownership workaround

trusts SMSF assets

Trustees must ensure they are registering assets purchased on behalf of SMSFs in the fund’s name and refrain from using trusts as a measure to compensate for poor documentation.

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