News

ETFs

Kaplan, BlackRock create ETF course

Kaplan BlackRock ETF course

Kaplan Professional and BlackRock have jointly established a short course for advisers on the operation and use of ETFs in a client portfolio.

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Regulation, Superannuation

Current-day benefits can be okay

benefits sole purpose test

SMSF members can enjoy present-day benefits from investments in certain circumstances without breaching the sole purpose test.

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Death benefits

Trustees face BDBN obligation risks

trustees BDBN obligation

Trustees must examine all options when paying a death benefit even where a binding nomination seems clear cut and not open to a challenge.

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financial advice

Adviser registration requirement postponed

Advisers registered postponed

A requirement for licensees to register financial advisers by 1 January 2023 has been pushed back so ASIC can improve the registration process.

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Investments

Mayfair seeks further special leave

Mayfair special leave application

A special leave application to the High Court has been filed by Mayfair 101 to challenge the full Federal Court’s decision against it last month.

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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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