News

financial advice

CSLR removes legal action incentive

compensation scheme of last resort CSLR Financial Advice Association Australia FAAA Sarah Abood Administrators Subrogation rights Legal action

The incentive to take legal action against financial advice firms that act dishonestly has been heavily impacted by low-risk payments coming from the Compensation Scheme of Last Resort.

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Legislation, Superannuation, Tax

Coalition will scrap Div 296 tax

Division 296 tax Luke Howarth

It has been confirmed the Division 296 tax will be revoked by the federal opposition should the coalition be returned to power at the next election.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

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Retirement

Guaranteed income boosts retiree confidence

Challenger Mandy Mannix annuities guaranteed retirement income confidence

Research has revealed superannuants with guaranteed income products report higher financial security, better mental health and increased confidence in retirement.

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Regulation, Retirement, Superannuation

Policy lags behind advice demand

FSC Retirement income products Blake Briggs

Regulations and policies for retirement income products are currently outdated and need to be updated to serve the growing number of Australians with complex financial advice needs.

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ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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Compliance, Tax

Tax agent code change pushed back

Tax Practitioners Board TPB Code of Professional Conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones SMSF Association Chartered Accountants Australia and New Zealand

New additions to the code of conduct for registered tax agents will now apply from two dates in 2025 and not from 1 August following a late change by the government.

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Auditing, Contributions

Contributions not an audit matter

SMSF auditors The Actuaries Institute Graeme Colley Contributions caps

Contributions are no longer a consideration for auditors, who have been reminded their treatment no longer resides under super law.

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Documentation, Estate Planning

Estate details must be accurate on statements

Member statements Estate planning SMSF Self-managed superannuation Accurium Anthony Cullen

SMSF practitioners have been advised to thoroughly review and substantiate estate planning details on their clients’ member statements to prevent potential legal issues.

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ETFs, Investments

JP Morgan releases another equity ETF

JP Morgan Exchange traded fund ETF Global Equity Premium Income Complex ETF Andrew Creber

JP Morgan has added a third offering to its equity-based ETFs with the launch of a fund that will provide a consistent income source for investors.

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