News

ECPI, Regulation

No ECPI default calculation method

draft legislation ECPI

A default option does not exist in the draft legislation allowing an ECPI calculation method choice when an SMSF has periods during a financial year when it is wholly in pension phase, as well as others when it is not.

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Compliance, FASEA

Standard 3 changes unlikely until 2022

FASEA Standard 3

Changes to Standard 3 of the FASEA Code of Ethics are unlikely to occur this year while adviser exams are still being conducted and the authority’s functions are shifting to government.

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Education, FASEA

November exam open to all advisers

FASEA November exam

FASEA has dropped the requirement for advisers to wait three months before sitting the November exam, giving all practitioners two more opportunities to pass.

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Superannuation

Six-member fund decision political

six member SMSFs political

The recent passing of superannuation legislation allowing six-member SMSFs was driven by political motives.

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Strategy

Balance equality boost from new rules

work test SMSF

It will be easier for spouses who are members of the same SMSF to even up their superannuation balance in the 2023 financial year due to the change in the work test rule.

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Pensions, Strategy

Indexation drives need for clear vision

indexation pension strategy

Changes due to indexation and COVID-19-related market movements require backward and forward views when setting out pension strategies.

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Appointments

SuperConcepts CEO confirmed

SuperConcepts Christiansen

SuperConcepts has elevated Grant Christiansen from his position as interim chief executive to fill the role in a permanent capacity.

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Auditing, Superannuation

Better audit efficiency achievable

accountants audit

The efficiency of the year-end audit can be improved if SMSF accountants place more importance on one aspect of their interaction with a fund’s auditor.

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Regulation, Superannuation

Six-member time frame will create delays

six-member SMSF delays

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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ASIC, Financial Planning

Record response will direct ASIC advice action

ASIC financial advice

ASIC has committed to taking steps to make the provision of limited advice easier after receiving a high level of responses from practitioners on the issue.

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