News

Education, financial advice

Exam pass rate improves

adviser exam pass rate

The number of advisers passing the ASIC exam, which no longer includes existing advisers, has increased to its highest point in a year.

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ETFs

Two new ETFs from JP Morgan

JP Morgan ETF

Two new actively managed ETFs covering environmental themes have been introduced to the market by JP Morgan Asset Management.

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ASIC, Superannuation

Former super fund executives face court

Statewide Superannuation dishonesty

Two former superannuation executives have appeared before the Adelaide Magistrates Court over allegedly contravening the Corporations Act.

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ASIC, Superannuation

ASIC guidance drops balance figures

ASIC SMSF guidance

New ASIC guidance for the provision of SMSF advice has dropped references to specific minimum balances, noting it was not the driving factor of suitability.

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Insurance, Pensions

Insurance source may not restrict payout

insurance pension

The proceeds from life insurance cover can be treated as part of a reversionary pension even if the premiums were paid from the accumulation account.

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Superannuation, Tax

Balance caps are retrospective fix

cap superannuation balances

The introduction of a cap on superannuation balances would only be trying to prevent events that have happened and will never be repeated.

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Crypto Assets

The FTX collapse and its SMSF implications

cryptocurrency SMSF

Questions must be asked about how cryptocurrency can be allowed as an investment for retirement saving within an SMSF.

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Property

Property valuation guidance altered

SMSF property valuations guidance

The guidance provided by the ATO with regard to valuations of residential property held in an SMSF includes a slight but significant amendment.

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Compliance, Documentation

Assets without a market raise questions

SMSF assets market

The ATO has indicated assets without a ready market may not be suitable investments for SMSFs, particularly if they cannot produce growth or income.

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financial advice

Call to end legislation duplication

financial advice duplication

The FPA has called on the Australian Law Reform Commission to prioritise any financial advice sector changes that may result from its current review.

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