News

Superannuation

A six-member SMSF trap

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six-member SMSF trap

When considering six-member SMSFs, the Senate Economics Legislation Committee has hinted at an important trap advisers must remember.

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Auditing

Trustees have SAN misuse duty

trustees san misuse

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.

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Administration, Documentation

Accountants reject new reporting deadline

SMSF statements deadline

The proposed new deadline by which SMSF financial statements must be prepared has been rejected by two major accounting bodies in a joint submission to Treasury.

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Education, FASEA

FASEA requirements driving adviser exits

FASEA adviser exits

FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

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Documentation

Trustees must check all death benefit claims

Trustees death benefits

A trustee should check all claims to any death benefits even where they may have total discretion over the payments, an SMSF lawyer has advised.

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The current portfolio approach for retirees is outdated and leaves them vulnerable to low interest rates and higher market volatility.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