News

Class launches auditor matching tool

July 12, 2021

Class has launched a facility to link SMSF accountants with third-party auditors to allow them to meet independence guidelines.

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ASIC

Civil penalty agreement for Dixon Advisory

July 12, 2021

Tia Thomas

Dixon Advisory and ASIC have entered into a heads of agreement to resolve the civil proceedings the regulator instigated against the financial services firm last year.

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ATO, Superannuation

SuperStream start date fixed

July 8, 2021

Tia Thomas

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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ECPI, Regulation

No ECPI default calculation method

July 8, 2021

Darin Tyson-Chan

A default option does not exist in the draft legislation allowing an ECPI calculation method choice when an SMSF has periods during a financial year when it is wholly in pension phase, as well as others when it is not.

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Compliance, FASEA

Standard 3 changes unlikely until 2022

July 8, 2021

Jason Spits

Changes to Standard 3 of the FASEA Code of Ethics are unlikely to occur this year while adviser exams are still being conducted and the authority’s functions are shifting to government.

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Education, FASEA

November exam open to all advisers

July 8, 2021

Jason Spits

FASEA has dropped the requirement for advisers to wait three months before sitting the November exam, giving all practitioners two more opportunities to pass.

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Superannuation

Six-member fund decision political

July 7, 2021

Darin Tyson-Chan

The recent passing of superannuation legislation allowing six-member SMSFs was driven by political motives.

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Strategy

Balance equality boost from new rules

July 7, 2021

Tia Thomas

It will be easier for spouses who are members of the same SMSF to even up their superannuation balance in the 2023 financial year due to the change in the work test rule.

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Pensions, Strategy