News

Insurance

ATO clarifies collectables insurance stance

SMSF collectables insurance

SMSFs must directly hold insurance for collectables, the ATO has stated after the SMSF Association sought clarity on the matter.

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Financial Planning

Advice exit fees could counteract ASIC levy

exit fees ASIC levy

Exit fees should be imposed on banks and institutions moving out of advice to provide relief for advisers facing a sharp hike in the ASIC levy.

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Superannuation

Better return data imminent

SMSF performance data

More accurate SMSF performance benchmarking will be facilitated with the release of improved investment return data later this year.

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ATO, Auditing

Outsourcing may not ensure audit independence

outsourcing auditor independence

Auditing firms enlisting the accounting services of other businesses to comply with the amended auditor independence standards should proceed with caution, the ATO says.

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Insurance

Six-member funds offer insurance benefits

six member funds insurance

Six-member funds will allow SMSFs to better pay for life insurance cover and retain any associated benefits for more members.

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Investments, Technology

Raiz opens door to SMSF investors

Raiz SMSF investors

A mobile-based investment platform has opened its doors to SMSFs, offering low minimum investments and access to a range of set portfolios.

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FASEA

Pass rate drops in latest FASEA exam

FASEA exam 2021

Close to 70 per cent of advisers have passed the first financial adviser exam held in 2021, but pass rates have dropped, according to FASEA.

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Retirement

Retirement income modelling tool launched

Vanguard retirement income modelling

Advisers will be given free access to a new tool from Vanguard Australia that models retirement income based on a total return investment approach.

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LRBA

Back-to-back loans a danger

Back-to-back loans LRBA

SMSF advisers and trustees have been warned about the complex nature of using back-to-back loans as an LRBA strategy.

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ATO, Auditing

ATO flags audit pooling risks

ATO audit pooling risks

Audit pooling arrangements to sidestep restructuring costs and comply with new audit independence standards carries many risks, the ATO has noted in new guidance.

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