News

ASIC

ASIC moves against unlicensed SMSF advice

unlicensed SMSF firms

ASIC has taken court action to prevent the provision of unlicensed SMSF advice, which it alleges has led to the loss of investor funds.

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Superannuation

Related party purchases must be clean

Related party purchases

Trustees must ensure any purchase from a related party is not a proxy for a loan or financial assistance to avoid breaching their obligations.

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ASIC

ASIC chiefs vacate roles over expenses

ASIC Shipton Crennan expenses

The two most senior leaders at ASIC have vacated their positions after they were found to have received remuneration in excess of allowable limits.

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Pensions

Records key to minimum pension

minimum pension records

SMSF members must have the correct documentation in place to support their treatment of pension payments taken before and after 24 March, a technical expert has warned.

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Financial Planning

Govt determined to reduce advice impediments

financial advice barrier

The reduction in red tape that is hindering the ability to deliver affordable financial advice to more Australians is a priority for the federal government.

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Compliance, FASEA

Conflicts standard needs further work

conflicts of interest FASEA

The AFA has called for further work to be done to clarify the impact of conflict of interest provisions in the FASEA code of ethics.

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Education, FASEA

FASEA shifts Melbourne exam online

FASEA Melbourne exam

Melbourne-based advisers will only be able to sit the FASEA exam remotely as exam centres remain closed for the third time due to COVID-19.

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Estate Planning

Adult child death benefits best via estate

Adult child death benefits

The estate can often be the best vehicle by which to distribute superannuation death benefits to adult children.

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ASIC, Financial Planning

Property spruiking diminishes

SMSFs property spruiking

Unlicensed advice remains a concern for ASIC, which has asked advisers to report any instances of such behaviour they might come across.

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Financial Planning, Superannuation

Support for specialist advice grows

specialist financial advice

Evidence from several industry quarters indicates there is a growing trend in the interest and support for specialist financial advice, the SMSF Association has observed.

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