News

financial advice, Investments

Return band offers opportunity

SMSF returns

Financial advisers can significantly improve the performance of SMSFs they service through the implementation of fundamental investment principles.

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ASIC, Auditing

ASIC acts against six SMSF auditors

ASIC SMSF auditors

ASIC has taken action to remove five SMSF auditors from practice and imposed conditions on another auditor following referrals from the ATO.

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Accounting

Downsizer reduction passes parliament

Downsizer reduction

A further reduction in the eligibility age to make downsizer contributions has passed through parliament and may take effect by the start of next year.

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financial advice

QAR reforms to benefit millions

QAR benefit

The Quality of Advice Review proposals will by 2040 benefit 2 million retirees and boost retirement spending by billions.

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Superannuation, Tax

Div 293 tax is a personal liability

Division 293 tax

If an individual chooses to have their SMSF make the payment for a Division 293 tax assessment, proper procedures must be followed to avoid penalty.

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Documentation

Director ID extension likely

Director ID extension

An extension to apply for the director ID is likely due to the process involved and the large numbers of people yet to meet the deadline.

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Education

Express accreditation pathway for CFPs

CFP SMSF accreditation

Certified financial planners will have a new express specialist accreditation avenue to the SMSF sector effective January 2023.

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Property

Review business real property status

business real property status

The status of business real property is not set once, but will vary dependent on use and should be reviewed annually.

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LRBA

Time right for LRBA refinancing

LRBA refinancing

SMSF practitioners should be looking at the interest rates on clients’ LRBAs as many may be suitable for refinancing at lower rates.

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financial advice

Advisers reminded of registration requirement

advisers registration

Financial advisers have been reminded of the need to register with the Financial Services and Credit Panel before 1 July next year.

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