News

Financial Planning, Regulation

Excess regulation main cause of advice decline

Excess regulation financial advice

Excess conflicting and overlapping regulation has stymied the rollout and uptake of advice, with regulators doing little to ease that burden or prevent compliance breaches, an adviser association has claimed.

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Documentation, Estate Planning

Trustee structure equal to BDBN in importance

trustee structure BDBN

In addition to ensuring they have a valid BDBN in place, members concerned about what will happen to their super upon their death need to consider who will be in control of their fund, an SMSF technical expert says.

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Compliance, Financial Planning

AFCA rules amended after court ruling

AFCA rules amended

The rules under which the Australian Financial Complaints Authority have been changed following a new legislative instrument issued by the Australian Securities and Investments Commission.

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Compliance

Financial misconduct key disqualifying factor

Evidence of dishonest conduct will not automatically disqualify an individual from being an SMSF trustee unless it is of a financial nature.

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Financial Planning

Current advice model fails consumers

advice fails consumers

Consumers are being let down by the unnecessary complexities and costs of the current regulatory advice model, the SMSF Association says.

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Education, Estate Planning

New body sets member standards

SAPEPAA education standards

A newly formed industry body has progressed to developing its own education standards for advice on family-related asset transfers.

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Auditing

Independence solution at hand

auditor independence client exchange

A client exchange program has been developed by an accounting software company that could allow practices to retain their SMSF audit arms without breaching the amended auditor independence standards.

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Accounting, Financial Planning, Superannuation

Drop exam, licence for limited super advice

accountants limited superannuation advice

More people could receive assistance if accountants were not subject to licensing or adviser exams in order to provide limited super advice, an industry body has said.

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Pensions, Strategy

Intent key for nil-balance members

nil-balance SMSF members

The intention of an SMSF member with a nil balance can be the determining factor as to whether their inclusion in a fund will be problematic.

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Insurance

Correct evidence needed for TPD

TPD definition tax SMSF

Disabled members will not automatically meet the TPD definition for tax purposes despite satisfying both the underwriter and SIS Act definitions, an SMSF technical expert warns.

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