News

Financial Planning, Regulation

FPA calls for further adviser rego changes

FPA financial registration

The FPA has welcomed the government’s proposal for a single disciplinary body, but has called for improvements to financial planner registration.

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Compliance, Contributions

Reserving strategy riskier for NCCs

NCCs reserving strategy

Non-concessional contributions carry more compliance risk when used as part of a contribution reserving strategy due to their unconventional nature.

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Pensions

Death benefits locked into super

death benefits superannuation

Death benefits can be hard to turn off in a superannuation environment and may even become a burden for members who don’t want them.

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Contributions, Superannuation

AIR welcomes increased super flexibility

budget superannuation retirees

The budget measures improving the ability for individuals to make contributions to their super funds has been praised by retirees.

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Pensions, Superannuation, Tax

Tax on pension reserves a concern

legacy pension reserves

The severity of the tax treatment of reserves associated with legacy pensions contained in this year’s budget is cause for concern.

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ATO, Tax

No SAR extension this year

SMSF Annual Return extension

Advisers and trustees should not expect any extension to the SMSF Annual Return lodgement date despite one being granted last year.

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AFCA

AFCA appoints new chair

AFCA new chair

The Australian Financial Complaints Authority board of directors has appointed its next chair.

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Education, FASEA

FASEA adds to list of approved courses

FASEA approved courses

The list of approved courses continue to grow as Financial Adviser Standards and Ethics Authority adds two qualifications.

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Contributions, Strategy

New downsizer preservation issue

downsizer super preservation

The reduction in the eligible age for downsizer contributions has given rise to a super benefit preservation issue.

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Contributions

Trustees mistiming contributions reserves

reserved contributions

The early use of reserved contributions continues to trip up trustees, denying members a tax deduction, a technical expert has warned.

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