News

ECPI

Accounting bodies call for ECPI alterations

ECPI calculation

Two accounting bodies have put forward their own alterations for the calculation of ECPI and called for indexing to apply to disregarded small fund assets.

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Commercial Property, Residential Property

Thinktank achieves significant milestone

Thinktank loan settlements

Thinktank has settled a record $1 billion in residential and commercial property loan settlements in the 2020/21 income year.

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Regulation, Superannuation

Legs and regs still a challenge

SMSF trustees legislation

SMSF trustees are continuing to seek assistance from financial planners regarding changes to superannuation legislation and regulation changes.

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ATO, Auditing

Auditor independence guideline updated

SMSF auditors guidelines

The independence standards guideline for SMSF auditors published by the ATO has been updated to define certain parameters regarding operational reviews.

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AFCA, Financial Planning

Compo scheme to cost advisers $300 a year

compensation scheme advisers

Financial advisers are set to be charged nearly $300 a year under plans to introduce a compensation scheme of last resort.

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Documentation, Superannuation

E-document changes have other benefits

electronic documents SMSF

Changes to allow the signing of company documents electronically will bring in other measures that will benefit SMSF trustees and members.

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FASEA

FASEA set to expand approved course list

FASEA courses list

FASEA will expand its list of approved courses for financial advisers and is seeking industry input on their inclusion on the course register.

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Financial Planning

Trustees more open to advice

SMSF trustees financial advice

SMSF trustees have become more open to receiving financial advice after COVID-19, an online industry survey has shown.

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Retirement, Superannuation

Demographics favour regular reporting

SMSF fund reporting

The domination of SMSF establishments by younger individuals bodes well for the accelerated adoption of more frequent fund reporting.

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ATO, Technology

Six-member fund registration from mid-August

six-member fund registration

The ATO will need a further four weeks to get its systems in place to handle the registration of six-member funds.

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