News

Auditing

Audit documentation to increase

Audit documentation

The amended auditor independence standards are likely to lead to increased documentation requirements for accounting firms wanting to retain their existing SMSF audit clients.

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Estate Planning, Financial Planning, Succession Planning

New body to focus on skills before size

SAPEPAA skills size

A new representative body will retain its boutique status for some time after its launch as it focuses on specialisation ahead of scale.

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Accounting, Financial Planning

TPB recommendations need discussion

TPB superannuation advice accountants

The TPB review recommendation relating to super advice from accountants needs clarification and discussion according to accounting bodies.

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Financial Planning

Adviser numbers anticipated to fall further

financial adviser numbers

Financial adviser numbers are expected to decline further in the next few years but the standard of advisers remaining will continue to improve.

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Strategy

Recontribution strategy can help retain assets

SMSF recontribution assets retention

The ability to retain key assets within an SMSF upon the death of a member can be assisted through the use of a withdrawal and recontribution strategy, a technical manager has said.

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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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