News

Financial Planning

Scalable advice solution introduced

digital financial advice

Practitioners have been provided with a new digital advice solution aimed at helping them retain and service clients who do not require comprehensive financial advice.

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Business News

SAFAA makes name more representative

Stockbrokers Financial Advisers Association

The Stockbrokers and Financial Advisers Association has announced a new name to appropriately reflect the work its membership undertakes in financial services.

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Superannuation

Awareness of TBCs an adviser duty

transfer balance caps duty

Advisers have a duty to ensure clients are under their transfer balance caps, rather than solely relying on ATO data.

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Tax

CGT small business concession win

CGT small business concessions

The ability to make contributions under the CGT small business concessions has been broadened due to new legislation governing contributions.

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Auditing

Auditor portal updated, privacy warning issued

SMSF auditors portal

The ATO has updated its online portal for SMSF auditors and reminded them the information lodged falls under privacy laws.

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NALI/NALE

NALE fix welcome but details needed

NALE amendments

Plans to ensure the NALE and NALI provisions do not have unintended consequences have been welcomed, but the outcome for SMSFs requires more detail.

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Contributions

Subtle change to NCC rules

Non-concessional contributions

The new contribution rules to take effect on 1 July 2022 contain a subtle difference to the current legislation requiring a work test to be satisfied.

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Investments

Unadvised SMSFs lack investment insight

SMSF investment insight

SMSF trustees running their own investments lack the depth of knowledge to make the best investment decisions and should steer away from do-it-yourself solutions.

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NALI/NALE

Govt to make NALE work as intended

NALE provisions

The federal government has responded to concerns about the impact of non-arm’s-length expense provisions and will move to ensure they do not go further than intended.

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ATO, LRBA

ATO extends LRBA amnesty

LRBA compliance relief

Compliance relief regarding amended non-bank limited recourse borrowing arrangements has been extended through an amendment to PCG 2016/5.

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