News

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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Appointments

FSC names acting chief executive

FSC deputy chief executive

The Financial Services Council has looked within to find an acting chief executive as Sally Loane makes her exit after seven years.

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Superannuation

Wind-ups first need deed review

SMSF wind up deed

Before an SMSF is shut down, trustees should review the fund’s trust deed to ensure there are no restrictions to the process.

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Succession Planning

Replacement trustees will need director ID

director identification SMSF

Corporate SMSF trustees intending to use an enduring power of attorney in the future need to ensure that person also has a director identification number to take on the role.

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Superannuation

Budget measures will become election promises

SMSF budget measures

The SMSF sector is likely to see budget changes from this year re-announced as election promises rather than as enacted bills in the next year.

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Pensions, Regulation

Govt revamps Pension Loans Scheme

pension loans scheme

The Pension Loans Scheme has received a makeover that includes a name change and a reduction in the applicable interest rate.

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