News

Compliance, Regulation

SMSFA backs new disciplinary body

advisers disciplinary body

The government’s plans to form a single disciplinary body for financial advisers as an initiative to help streamline the advice sector has been welcomed by the SMSF Association.

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Superannuation, Tax

Super info to be shared in separations

superannuation separation

The superannuation balances of separating couples will be transparent to each party under proposed changes put forward by the government.

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Education, FASEA

New FASEA course for accountants

accountants FASEA exam

Accountants unfamiliar with material covered by the FASEA exam are being offered specialised help to prepare for the remaining exams of 2021.

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Investments, Retirement

Magellan launches retirement income fund

Magellan retirement income

Magellan has launched an ETF aimed at investors seeking retirement income with low volatility.

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Estate Planning, Superannuation

Estate planning not formulaic

SMSF estate planning

SMSF practitioners need to be prepared for all situations that could possibly trigger the implementation of estate planning or fund succession strategies.

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Pensions

Drawdown rate to remain halved for next year

pension drawdown rate

The minimum pension drawdown rate will remain at 2.5 per cent for another year as the government extends this COVID-19 relief measure for retirees.

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Financial Planning, Superannuation

Advice billing rethink required

SMSF advice billing

Practitioners may need to revise their billing for SMSF advice clients from 1 July due to the legislation resulting from findings by the banking royal commission.

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AFCA, Appointments

AFCA appoints new ombudsmen

AFCA appoints ombudsmen

The Australian Financial Complaints Authority (AFCA) will welcome two new lead ombudsmen in August for the insurance and small business sectors.

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ECPI

Actuaries may aid ECPI choice

actuaries ECPI method

Actuaries are looking to help determine whether to use segregated or proportionate method to calculate ECPI under the new legislation governing this area.

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Property

Property funding via contributions a grey area

property funding contributions

SMSFs using contributions strategies to fund a property development may still trip over tax rules that are yet to be clarified.

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