News

SuperStream

APRA fund rollover details limited

APRA superstream details

Trustees cannot rely on public offer funds providing information as to why a SuperStream rollover out of an SMSF is unable to be processed.

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ATO, Contributions

Admin penalties net $3.4 million

SMSF administrative penalties

Administrative penalties imposed on SMSF trustees by the ATO raised $3.4 million for the regulator in the 2022 income year.

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Superannuation

SMSFA conference aimed at all advisers

SMSF Association conference

The SMSF Association is encouraging non-SMSF superannuation specialists to attend its next national conference, saying its content will have wide application.

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financial advice

FPA/AFA merger vote in February

FPA AFA merger

Members will have their opportunity to vote on the proposed FPA/AFA merger organisation towards the end of February next year.

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Accounting

FSC calls for adoption of QAR proposals

FSC QAR proposals

Proposals to reform the provision of advice should be adopted, but need to include greater input from industry as to their design and implementation.

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ETFs

Kaplan, BlackRock create ETF course

Kaplan BlackRock ETF course

Kaplan Professional and BlackRock have jointly established a short course for advisers on the operation and use of ETFs in a client portfolio.

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Regulation, Superannuation

Current-day benefits can be okay

benefits sole purpose test

SMSF members can enjoy present-day benefits from investments in certain circumstances without breaching the sole purpose test.

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Death benefits

Trustees face BDBN obligation risks

trustees BDBN obligation

Trustees must examine all options when paying a death benefit even where a binding nomination seems clear cut and not open to a challenge.

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financial advice

Adviser registration requirement postponed

Advisers registered postponed

A requirement for licensees to register financial advisers by 1 January 2023 has been pushed back so ASIC can improve the registration process.

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Investments

Mayfair seeks further special leave

Mayfair special leave application

A special leave application to the High Court has been filed by Mayfair 101 to challenge the full Federal Court’s decision against it last month.

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