News

Auditing

ATO guidance ends data feed speculation

audit data feeds

The ATO’s audit independence guidance highlights the near impossibility of firms being able to use automated tools as a path to in-house audits, a technical expert says.

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ASIC, Financial Planning

ASIC releases new ongoing fee rules

ASIC ongoing fee rules

ASIC has released new rules around what consent advisers need to secure when using ongoing fee arrangements with clients.

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Appointments, Business News

AFA CEO concludes his term

AFA Kewin step down

Association of Financial Advisers (AFA) chief executive Philip Kewin has decided to step down from his position after four years at the helm of the industry body.

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Superannuation, Tax

Segregation a potential tax rort

Asset segregation tax avoidance

Asset segregation will not protect trustees seeking a tax avoidance arrangement, with the ATO watching these situations, a technical expert has advised.

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Platforms

WealthO2 to aid SMSF client retention

Wealth02 SMSF client

Platform provider WealthO2 is developing functionality that should assist advisers to retain their SMSF clients.

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Superannuation

Six-member fund ideal asset holding structure

Six-member asset holding

The use of larger SMSFs as asset holding structures was overlooked in the government’s promotion of them as family super vehicles.

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LICs

LICs grow off new asset offerings

LIC assets growth

The offering of LICs on assets beyond Australian shares has resulted in sizeable growth for the sector as investors use a stable model to access new opportunities.

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Strategy, Tax

Asset segregation timing key

segregated asset SMSF

Attributing capital losses to SMSFs for tax purposes in a segregated asset environment has both pros and cons, a technical expert has said.

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Strategy, Superannuation

Contributions cap breach not catastrophic

Contributions cap breach

A breach of the contributions caps is not a complete disaster as it does not even constitute contravening the superannuation legislation.

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Estate Planning

New body aiming to prevent advice disasters

SAPEPAA wealth transfer

Wealth transfer association, SAPEPAA, has stated its purpose was to prevent ‘the horror stories’ that result from bad advice associated with wealth transfer matters.

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