News

ASIC

ASIC consumer protection focus to continue

ASIC consumer protection

Consumer protection will continue to be a high priority for ASIC in 2023 given the challenges investment markets are still experiencing.

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NALI/NALE

Outcomes impact on NALE unclear

NALE result

It remains unclear how the end result of a transaction will determine how the non-arm’s-length expenditure rules will be applied.

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Trusts

13.22C relief tested during COVID

13.22C relief

Regulatory and compliance relief for 13.22C breaches could be introduced after they were given a live test as part of COVID-19 relief measures.

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Appointments

FPA adds SMSF specialists to board

FPA SMSF specialist board

Following recent elections, the FPA has announced two new additions to its board, both of whom are specialist SMSF advisers.

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Documentation, Trusts

Modern trustee documents required

corporate trustee documents

SMSFs with a corporate trustee must ensure the fund has a company constitution that will allow the most current strategies to be implemented.

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Compliance

Penalty units slated for two increases in 2023

penalty units

The planned increase in penalty units in the budget is to offset bad debts and will be one of two increases planned for next year.

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Investments, Technology

OpenInvest partners with advice firm

OpenInvest Peak

OpenInvest has joined with an advice firm working with high net worth clients to offer online investments to those still building their wealth.

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Downsizer

Downsizer consequences need noting

downsizer SMSF trustees

A range of issues need consideration by trustees if they qualify to make downsizer contributions once the reduction in the qualifying age is implemented.

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Pensions, Superannuation

TBC Indexation highly likely

TBC indexation

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

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Retirement

Budget should prompt CSHC reassessment

Budget CSHC

Budget changes to the income threshold for the Commonwealth Seniors Health Card may allow more self-funded retirees access to it.

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