News

ASIC, financial advice

FAAA urges MPs to support Dixon inquiry

FAAA Financial Advice Association Australia Dixon Advisory Compensation Scheme of Last Resort CSLR Sarah Abood Phil Anderson Public inquiry

The Financial Advice Association Australia has written to every member of parliament asking them to support its call for an inquiry into the collapse of Dixon Advisory.

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Investments, Technology

OpenInvest unveils Vietnamese community offer

OpenInvest Ravi Verma Vietinvest Infinitezephyr Dean Nguyen ElectricFAI

OpenInvest has joined with a Sydney adviser to provide an online investment tool offering specialised portfolio options for members of the Vietnamese community.

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ATO, Auditing

ATO auditor data revelations

SMSF Self-managed superannuation SMSF auditor ASIC ATO referrals DBA Lawyers Bryce Figot audit evidence market valuations

ATO SMSF auditor guidance is a useful reference tool to mitigate compliance issues these practitioners may encounter when performing their duties.

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NALI/NALE, Tax

NALI penalises all capital gains

Non-arm’s length income NALI Capital gains SMSF Self-managed superannuation IFPA Natasha Panagis

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Contributions

Contribution splitting needs long-term focus

SMSF Self-managed superannuation contribution splitting Heffron Lyn Formica

SMSF practitioners and members planning to use contribution splitting strategies to even out member balances must commit to a long-term approach to see any substantial change.

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Education

New initiative for FAR educational obligations

SMSF Association Deakin University AccountantsIQ Financial Adviser Register Education SMSF Specialist Advisor Program Bronny Speed

A new initiative has been made available to assist practitioners in meeting the Financial Adviser Register educational obligations.

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financial advice

FAAA upgrades planner search tool

Financial Advice Association Australia FAAA Find a planner Money & Life Tania Milnes

The Financial Advice Association Australia has enhanced the tool consumers can use to find a planner, making it easier to search by a range of criteria and allowing them to personalise the information available.

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Property

Fit-outs could raise SIS issues

Heffron Lyn Formica Annie Dawson commercial property SMSF Self-managed superannuation fit-out

Trustees have been urged to tread carefully when undertaking work on SMSF-held commercial properties as charging the fund for such services can lead to compliance breaches.

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Business News, financial advice, Technology

IFPA signs digital advice partnership

IFPA Institute of Financial Professionals Australia Pippa McKee MoneyGPS George Haramis single-topic financial advice digital advice

The Institute of Financial Professionals Australia has created a new partnership that will allow its members to offer online advice without needing to hold their own licence.

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Tax, TPB

Updated tax agent bill tabled in parliament

Tax agents code of professional conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones IFPA SMSF Association amendment

An amended bill dealing with the proposed changes to the code of professional conduct for tax agents has been tabled in parliament.

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