News

Financial Planning, Regulation

Review to look at scope of accountants advice

advice review accountants

The quality of financial advice review will consider what financial advice is, who can offer it and what accountants can do in the area of super.

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ATO, Superannuation

ATO flags bank transaction limits

SuperStream transaction limits

SMSFs should check if they have enough liquid assets and no transaction limits when planning on using SuperStream.

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ASIC, Education

First adviser exam dates for 2022 released

ASIC exam dates

The dates for the first financial adviser exam to be conducted by ASIC have been set for early 2022, but the details of later sittings have not been finalised.

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Retirement

Calculator outlines retirement income plan

retirement income calculator

Pre-retirees can now access a retirement income calculator to plan how to safely spend their superannuation.

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Superannuation

New SMSFs up, but 600,000 funds still elusive

APRA SMSF growth

APRA figures show the strongest rate of new SMSF growth in half a decade, but the total number of funds still hasn’t broken through the 600,000 mark.

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Education

Govt amends degree requirements

financial advisers degree

The government has announced plans to allow advisers with a decade’s experience and a clean compliance record to practice without a degree.

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ATO, Regulation

Early access discretion updated

super access

A draft Practice Statement Law Administration has been issued outlining the use of discretionary powers for illegal early access of super benefits.

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Investments

Software creates investment allocation flaw

investment strategy allocations

Differences in how software systems view assets can lead to flaws in how auditors may view an investment strategy.

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Financial Planning, Tax

Time running out to prove tax bona fides

TPB relevant provider

Practitioners who provide tax advice have until year end to register with the TPB for inclusion on the relevant provider register from the start of next year.

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Retirement

Changes to Pension Loans Scheme welcomed

Pension Loans Scheme retirees

A revised name and interest rate for the Pension Loans Scheme have been welcomed by retirees, who say the changes will expand the appeal of the program.

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