News

financial advice, Regulation

Pressing QAR recommendations identified

Quality of advice review

The Joint Associations Working Group has recognised the recommendations from the Quality of Advice Review cannot be implemented all at once.

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ATO, Regulation, Superannuation

Work test anomaly addressed

Work test

An anomaly that arose from the most recent amendment to the work test has been rectified after the release of a new legislative instrument by the ATO.

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Administration, ATO, BDBNs

BDBN myth dispelled

BDBN

A binding death benefit nomination can completely replicate the terms of a reversionary pension, but in a more practical fashion.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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Superannuation

Cohort most affected by soft cap identified

Superannuation soft cap

The individuals who will feel the greatest impact from the proposed $3 million superannuation soft cap have been identified by industry research.

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SMSF, SMSFA, Superannuation

Soft cap discriminatory to SMSFs

Soft cap

The government has been accused of showing bias against SMSFs in its proposal to implement a $3 million soft cap on superannuation members.

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Administration, SMSF, Strategy

Question capability before strategy

Investment strategy

SMSF advisers focused on creating an investment strategy for clients should perhaps firstly consider if an SMSF is even suitable for them.

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Superannuation

Super gender gap has shrunk in past decade

Gender gap

The superannuation gender gap continues to exist, but has shown significant improvement over the past 10 years.

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Education, financial advice, Regulation

Bill defining experience pathway released

Adviser experience pathway

Draft legislation has been introduced defining the experience pathway whereby advisers will be deemed to have met their education requirements.

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Auditing, Investments, SMSF, Strategy

Poor investment strategies qualified

Investment strategy

The employment of a generic SMSF investment strategy has provided sufficient grounds for a qualified audit report for a prominent practitioner.

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