News

LRBA

Loan relief not an opportunity

LRBA loan relief

Individuals should think carefully about entering into a new related-party limited recourse borrowing arrangement to benefit from the COVID-19 loan relief provisions, a technical manager has warned.

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FASEA

Common theme to FASEA feedback

FASEA requirements

The educational requirements under the FASEA framework have been labelled impractical for members of the Stockbrokers and Financial Advisers Association.

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Regulation

Six members still on table, ECPI move delayed

Six member SMSFs

Six-member SMSFs are still on the table for the government, which has reduced the time in which they can be introduced once legislation is passed.

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ATO, Superannuation

SMSF sector grows, new fund numbers drop

SMSF sector growth

The SMSF sector has continued to grow despite a drop in the number of new funds in the December quarter 2019, the latest ATO statistical report shows.

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Documentation

Nationwide e-document model should be kept

electronic documents

The nationwide approach to the electronic execution of documents should be retained but state based irregularities must be removed, according to a peak law body.

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Education, FASEA

FASEA challenged on complaints

FASEA complaints

The chair of a parliamentary committee has highlighted concerns across the financial advice sector regarding FASEA processes and its lack of accountability.

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Financial Planning

Reform has pushed away advisers and clients

financial advice reform

The costs of reform have caused practitioners and consumers to abandon the financial advice sector according to two representative bodies.

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Superannuation

Early super eligibility may still be questioned

early release super eligibility

A major accounting body has warned penalties could be issued to individuals who have already accessed their super early under the COVID-19 relief measure, but are ruled ineligible to have done so.

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ASIC, Financial Planning

ASIC cancels licence of SMSF advice group

MyPlanner Professional Services licence

ASIC has cancelled the licence of a now-liquidated Queensland-based advice group that offered SMSF advice and services to clients.

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Tax

NALE costs will be hard to price

NALE general expenses

Putting a cost on services provided by SMSF practitioners to their own funds to resolve NALE concerns will be difficult and questions remain over who will determine those costs.

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