News

Compliance, Financial Planning

Compo scheme must include products to be fair

compensation scheme products

The exclusion of product manufacturers from the compensation scheme of last resort will unfairly shift costs and blame to advisers.

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Regulation

Super praised for COVID-19 role

superannuation COVID-19

The federal opposition has acknowledged the critical role superannuation was able to play during the height of the COVD-19 pandemic.

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Retirement, Superannuation

QROPS reporting a wind-up issue

QROPS SMSFs

Specific circumstances must be taken into account when looking to wind up an SMSF with retirement savings balances transferred from the UK.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Education, FASEA

SAFAA welcomes adviser standards reset

SAFAA advisers standards

SAFAA has suggested alternative educational requirements for financial advisers after the government proposed resetting the standards.

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Documentation

E-signatures can prove liability

electronic signatures practitioners

The use of electronic signatures has the ability to create an audit trail that can increase the degree of professional risk practitioners face.

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Superannuation

Six members mainly topic of discussion

six-member SMSFs

Six-member SMSFs remain more of a topic of discussion than a superannuation vehicle for families.

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ASIC

Mayfair to appeal advertisement ruling

Mayfair appeal

Mayfair has filed a notice of appeal to overturn a court decision after claiming ASIC’s security report included errors.

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NALI/NALE

NALE detection hard for auditors

NALE SMSF auditor

Trustees and their advisers cannot automatically assume transactions involving NALE will be detected by an SMSF auditor.

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Accounting

Auditors to switch ATO inquiry services

ATO auditors inquiry

The ATO has closed an inquiry and reporting channel for SMSF auditors as it transitions to new, faster online services.

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