News

ASIC, Compliance

CSLR payment sees licence cancellation

ASIC has cancelled the AFSL of an organisation that required the Compensation Scheme of Last Resort to settle an AFCA determination on its behalf.

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Education

Education deadline boosts course take-up

The number of advisers undertaking education courses has spiked ahead of the deadline for existing providers to meet qualification requirements by the end of 2025.

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Contributions

Contributions chief super advice issue

Superannuation contributions are the element of the current retirement savings framework financial advisers are finding most challenging.

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Documentation

Deeds should define membership

The definition of an SMSF member should be spelt out in a fund’s deed as superannuation law is vague on their status after they have died.

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Pensions

Flexible payments must be noted

SMSF members drawing an income stream from their fund should declare the frequency of payments and their source as these types of transactions will come under greater scrutiny.

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SMSF

Factors driving the SMSF renaissance

There are several key elements driving the strong growth the SMSF sector has experienced in the past few financial years.

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ATO, Auditing, Documentation

Audit files miss trustee fundamentals

SMSF Self-managed superannuation Trustee declarations ATO Paul Delahunty Auditors

The files of many SMSF auditors are currently missing some fundamental documentation elements involving basic trustee obligations.

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Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

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Accounting, Investments

Concerns over accountant certificate penalties

SMSF Association Chartered Accountants Australia and New Zealand CPA Australia Institute of Public Accountants accountants' certificates wholesale investor test

A coalition of industry bodies has rejected a proposal for penalties on the negligent issuance of accountants’ certificates and reiterated its call for their removal altogether.

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Education, Tax

Tax Institute launches education platform

Tax Institute Tax Academy Murray Cassar Education Training

The Tax Institute has introduced a new online platform to help accountants and tax professionals enhance their skills and specialise further in their fields.

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