News

Accountants reject new reporting deadline

November 18, 2020

The proposed new deadline by which SMSF financial statements must be prepared has been rejected by two major accounting bodies in a joint submission to Treasury.

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Education, FASEA

FASEA requirements driving adviser exits

November 18, 2020

Tharshini Ashokan

FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

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Documentation

Trustees must check all death benefit claims

November 18, 2020

Jason Spits

A trustee should check all claims to any death benefits even where they may have total discretion over the payments, an SMSF lawyer has advised.

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Retirement

Traditional investment path fails retirees

November 18, 2020

Tharshini Ashokan

The current portfolio approach for retirees is outdated and leaves them vulnerable to low interest rates and higher market volatility.

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Strategy

Separate SMSFs a conflict fix

November 17, 2020

Darin Tyson-Chan

A specialist lawyer has suggested establishing separate SMSFs can help avoid member conflicts while still achieving the desired investment objectives.

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ASIC

Adviser pleads guilty to $3m misappropriation

November 17, 2020

Jason Spits

A Sydney-based SMSF adviser has pleaded guilty to offences related to the misappropriation of $2.9 million of client funds.

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ASIC, Financial Planning

ASIC begins limited advice consultation

November 17, 2020

Tharshini Ashokan

ASIC has commenced consultation on the provision of affordable and limited financial advice.

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ASIC, Financial Planning

SMSFA welcomes ASIC limited advice review

November 17, 2020

Tharshini Ashokan

The SMSF Association has welcomed the release of ASIC’s consultation paper on the provision of affordable and limited financial advice.

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Documentation

Avoid legal advice, but document its request

November 17, 2020

Jason Spits

Accountants should document any assistance they give to SMSF clients to avoid claims they provided legal advice, an SMSF legal expert has warned.

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Auditing

Accounts move blindsided sector

November 16, 2020

Darin Tyson-Chan

The proposal to require SMSFs to prepare their financial statements 45 days before the fund’s annual return is due to be lodged took the sector by complete surprise, an industry service provider has said.

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