News

Superannuation

Super tax concessions to be reviewed

Superannuation tax concessions

The new Labor government has confirmed a review of the tax concessions contained within the superannuation system is one of its policy objectives.

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Compliance

Don’t hide illegal access as SMSF loan

illegal early access SMSF loan

SMSF members should not disguise illegal early access as a loan from the fund as it is easy to spot as false, but should openly declare the mistake to the ATO.

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financial advice, SuperStream

Push for advisers to help in scam education

SMSF advisers scam

SMSF advisers should address the issue of investment scams with clients and encourage them to report any questionable activity they have seen.

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financial advice

Advice standard required flexibility

financial advice standard

The good advice principle to be recommended by the Quality of Advice Review resulted from the need to establish a less rigid practitioner standard.

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Financial Planning

Success shouldn’t stymie advice provision

commercial success advice

Financial planners need to look beyond their own commercial success to ensure advice is provided to a greater number of people in need of it.

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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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