News

Retirement

Traditional investment path fails retirees

Traditional investment retirees

The current portfolio approach for retirees is outdated and leaves them vulnerable to low interest rates and higher market volatility.

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Strategy

Separate SMSFs a conflict fix

Separate SMSFs member conflicts

A specialist lawyer has suggested establishing separate SMSFs can help avoid member conflicts while still achieving the desired investment objectives.

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ASIC

Adviser pleads guilty to $3m misappropriation

SMSF adviser misappropriation

A Sydney-based SMSF adviser has pleaded guilty to offences related to the misappropriation of $2.9 million of client funds.

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ASIC, Financial Planning

ASIC begins limited advice consultation

ASIC limited advice consultation

ASIC has commenced consultation on the provision of affordable and limited financial advice.

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ASIC, Financial Planning

SMSFA welcomes ASIC limited advice review

SMSF Association limited advice

The SMSF Association has welcomed the release of ASIC’s consultation paper on the provision of affordable and limited financial advice.

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Documentation

Avoid legal advice, but document its request

accountants legal advice

Accountants should document any assistance they give to SMSF clients to avoid claims they provided legal advice, an SMSF legal expert has warned.

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Auditing

Accounts move blindsided sector

SMSFs financial statements

The proposal to require SMSFs to prepare their financial statements 45 days before the fund’s annual return is due to be lodged took the sector by complete surprise, an industry service provider has said.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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Auditing

New standards to alter trustee view of audits

independence standards

The new auditor independence standards will result in an improved perception of the SMSF auditor’s role by trustees, an SMSF specialist says.

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Investments

No excuse for non-diversified portfolios

cash SMSF portfolio

SMSF trustees have no excuse for holding shares and cash in a portfolio when tools exist to help them diversify their retirement savings strategy.

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