News

Financial Planning

Court convicts Henderson

Sam Henderson convicted

Former Henderson Maxwell chief executive Sam Henderson has been convicted of issuing defective disclosure documents and dishonest conduct by the NSW Local Court.

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Financial Planning

FSC releases new advice model research

FSC advice model research

The Financial Services Council has released research containing recommended changes to the current financial advice model it is looking to use as the catalyst for a policy debate on the issue.

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Compliance, Regulation

AFCA ends dispute time-frame extension

AFCA extension

A COVID-19-driven extension to deal with complaints will soon come to an end, giving advice practitioners 21 days to respond to issues raised by clients.

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ATO, Compliance

Trustee steps to shape penalties

SMSF trustee ATO penalties

The ATO will consider the consistency of a trustee’s behaviour in determining when penalties for breaches will be waived under newly released guidelines.

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Financial Planning

Tax-deductible advice a consideration

Tax deductible advice

Australians may be able to claim a tax deduction for the cost of receiving financial advice in the future, a member of parliament has said.

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Compliance, Documentation

Asset values must still be reported

SMSF asset values report

SMSF trustees must continue to report asset values, but will not be penalised if unable to do so because of the COVID-19 pandemic.

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Investments

Capital preservation key to SMSF success

SMSF capital preservation

Fund managers offering capital preservation following the COVID-19 pandemic will appeal to SMSFs struggling in a highly volatile market, an investment expert says.

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Property

Thinktank closes $600m securitisation deal

Thinktank securitisation

Thinktank has closed its sixth and biggest commercial mortgage-backed securitisation transaction to date for the amount of $600 million.

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Superannuation

SMSFs may be benchmarked too

SMSFs performance

SMSFs could eventually have a mandatory annual performance assessment applied to them as an extension of the measure introduced for MySuper funds in the federal budget, technical experts have predicted.

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ATO, Auditing

ATO gives auditors independence grace period

ATO auditor independence

Firms not complying with the recently restructured APES 110 Code of Ethics for Professional Accountants will not be immediately penalised, the ATO says.

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