News

NALI/NALE

NALE goes beyond related parties

NALE related-party

The non-arm’s-length expenditure rules as defined by LCR 2021/2 are not confined exclusively to related-party transactions.

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Superannuation

Don’t dismiss DDO just yet

DDO SMSF advisers

SMSF practitioners and service providers may consider disregarding Design and Distribution Obligations (DDO), but a legal expert has advised funds may fall under those requirements.

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FASEA

FASEA seeks more input on conflicts standard

FASEA conflict of interest

The contentious conflict of interest standard in the FASEA Code of Ethics will be re-examined, with the industry called on to provide its views.

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Financial Planning

More claim they have unmet advice needs

unmet advice needs

More than 60 per cent of Australians have unmet advice needs as millions claims they will seek advice in coming years.

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Estate Planning

Calls to action can limit liability

liability estate planning

Issuing simple estate planning call-to-action statements to SMSF clients can effectively allow advisers to abrogate any liability they may face.

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Superannuation

DIN reluctance could lead to fund exit

corporate trustee director identification

Directors of an SMSF corporate trustee who do not obtain a director identification number may be kicked out of their fund and face ASIC action.

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Documentation

E-signatures not applicable for all documents

electronic signatures SMSF documents

Despite government moves to allow the use of electronic signatures, their application in the SMSF space will still be fairly limited.

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ATO, Superannuation

SuperStream advice needs full licence

superstream advice

The ATO’s SuperStream rollover service will require any related advice to be provided by a licensed practitioner due to requirements to be aware of the types of products involved.

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ECPI, Superannuation

Actuarial certificate change savings limited

actuarial certificate

The cost savings for SMSFs no longer having to use an actuarial certificate to calculate fund income are likely to be small, not open to all funds and offset by other costs.

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Cryptocurrency

Digital asset education service launched

digital asset education

A fund manager has launched a research facility to provide much-needed information about digital assets such as Bitcoin.

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