News

Education, FASEA

ASIC may hold key to stalled exam extension

ASIC adviser exam extension

ASIC can grant an exemption to professional standards legislation that would extend the adviser exam timetable if legislation aimed at doing so is cannot be passed before the end of the year.

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Administration

SMSFA seeking member input on SAR review

SMSFA annual return review

The SMSF Association has called on members to provide input on how the SMSF annual return (SAR) can be improved.

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Retirement

New equity release model for seniors

equity release model for seniors

DomaCom has a new equity release model for seniors seeking an alternative to the reverse mortgage model and government Pension Loan Scheme.

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Appointments

Tax Institute appoints new policy director

Tax Institute policy director

The Tax Institute has appointed a former ATO second commissioner to be its new director of tax policy and technical.

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Accounting

Advice fee cap not absolute

early release advice fee

Advisers should not view the capped fee of $300 for advice covering the early release of super benefits as being absolutely definitive for all client discussions on this topic, an SMSF Association board member has said.

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FASEA

AFA examining other means of exam extension

AFA FASEA exam extension

The AFA is examining alternative methods to secure an extension to the FASEA exam timetable as legislation that would introduce the change appears to have stalled due to a late amendment.

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LRBA

LRBA with related-party lender can get relief

LRBA loan relief

SMSF LRBAs with related-party lenders can receive loan repayment relief during the coronavirus pandemic without breaching NALI rules, a technical expert says.

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Auditing

Early access audit role noted

auditors superannuation access

The role of SMSF auditors has been stipulated by the ATO with regard to the early super access COVID-19 relief instrument.

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FASEA, Financial Planning

AFA urges ALP to pass exam extension bill

FASEA exam extension

The AFA has called on the ALP to pass a bill that will extend the FASEA exam timetable after the party added an amendment at the eleventh hour.

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ATO, Superannuation

Early release super processing resumes

Early release superannuation processing

Processing of COVID-19 early release superannuation applications has resumed after the ATO put the process on hold due to fraudulent activity.

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