News

Contributions

Reimbursement window is narrow

SMSF reimbursement

SMSF expenses paid by a member will be treated as a contribution unless the member moves quickly to claim a reimbursement.

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Regulation, Superannuation

Superannuation balance cap position endorsed

superannuation balance cap

Labor’s commitment not to introduce a superannuation balance cap should it form government later this year has been applauded by the SMSF Association.

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AFCA

AFCA proposes lower cost funding model

AFCA funding model

AFCA has released a proposed user-pays funding model which it claims will move the cost burden onto those members who generate the most complaints.

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ETFs

Betashares launches digital health ETF

Betashares digital health ETF

Betashares will release its 12th thematic ETF with the latest offering focused on digital health and telemedicine.

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Cryptocurrency

State Street strengthens digital assets capability

State Street digital assets

State Street Digital and Copper.co have collaborated to provide clients a secure space to store and settle digital assets, including cryptocurrencies.

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Auditing, Regulation

New audit clients draw caution

SMSF audit clients

Entering into new client relationships as a result of the amended auditor independence standards needs a great degree of professional scrutiny.

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ATO

New ATO alerts are legitimate

ATO SMS alerts

New detailed alerts from the ATO regarding changes in an SMSF are legitimate and part of an upgraded anti-fraud system.

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Aged Care

Aged care a missed chance

aged care advice

The financial planning industry has overlooked the ageing population, despite Aged Care Steps noting the opportunity for growth and quality advice.

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Education

Dates for final adviser exams announced

ASIC adviser exam

ASIC has announced the final dates in which financial advisers can undergo the exam after FASEA transferred its powers to the regulator last year.

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Administration, Regulation

Balance tops legal permission

member balance release condition

The obligation to determine if there are sufficient funds to make a member payment is the most important consideration for SMSF trustees.

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