News

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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Business News

SISFA proposes merger with tax body

SISFA merger

SISFA has announced plans to merge with Tax and Super Australia rolling its operations and membership into the latter and dropping its name.

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Retirement

Actuaries challenge current retirement modelling

actuaries retirement modelling

Retirement modelling should incorporate a set of fundamental principles that make future projection more meaningful and tied to actual experience.

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Financial Planning

Clients’ needs should be top priority

clients needs priority

The needs of clients should be the number one priority for financial services firms but this fundamental principle has not always been followed.

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ASIC

ASIC moves on reciprocal audits

SMSF auditors reciprocal

ASIC has found eighteen SMSF auditors in breach of independence regulations after conducting reciprocal audit arrangements.

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Compliance, Documentation

Disqualification declaration may be annual

smsf trustees disqualified

A number of corporate SMSF trustees will have to declare each year they are still able to run their fund after insolvency law changes late last year.

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