News

financial advice, Financial Planning

Apply higher CSLR levy to phoenix firms

Financial Advice Association Australia FAAA CSLR Compensation Scheme of Last Resort Senate inquiry Dixon Advisory Phoenixing E&P Financial Group

Financial advice licensees that shut down firms to avoid paying compensation claims should be hit with an additional CSLR levy as a penalty for their behaviour.

read more
Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

read more
NALI/NALE

In-specie contribution changes hide NALI trap

New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

read more
financial advice, Financial Planning

Govt cautious on new class name

A previous attempt by the government to name its proposed new class of adviser has left it cautious about trying again as it attempts to find an appropriate and acceptable title.

read more
SMSF, Technology

The changing face of SMSFs

The character of the SMSF sector is changing, with a younger demographic driving establishments and the increasing use of technology.

read more
Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

read more
NALI/NALE

NALE gap requires transaction examination

A regulatory gap around the treatment of NALE for general expenses means trustees should be closely examining how they acted for their fund in the past financial year.

read more
Death benefits, SMSF

SMSFs have greater financial abuse risk

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

read more
Investments

Replace hybrid bonds with private credit

SMSFs looking for an alternative after the planned phasing out of bank hybrid bonds should look to the private credit sector, which provides similar returns and is growing strongly.

read more
SMSF, Superannuation

Legacy pension exit changes approved

Legacy pensions, tax, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.