News

Education, FASEA

FASEA begins CPD relief consultation

FASEA CPD

FASEA has begun consulting on its proposal to allow advisers an additional three months to meet their 40-hour continuing professional development requirement.

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Pensions

SISFA pushes for pension refund

SISFA pension refund

SISFA has recommended the government consider an excess pension payment refund for those who drew down their pension before a reduction was introduced.

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Financial Planning, Tax

TPB, FPA forge inaugural partnership

TPB FPA MOU

A memorandum of understanding has been signed between the Tax Practitioners Board and the Financial Planning Association facilitating an official information exchange.

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Superannuation

Call to postpone SG amnesty deadline

superannuation guarantee amnesty

The deadline for superannuation guarantee amnesty applications should be extended to March 2021 as a result of the COVID-19 pandemic, the National Tax Liaison Group has said.

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Education, FASEA

FASEA extends CPD period by three months

FASEA CPD extension

Advisers have been given a one-off extension period in which to fulfil their CPD requirements by FASEA in recognition of the disruption caused by COVID-19.

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Auditing

ATO will examine SMSF auditor independence

SMSF auditor independence

SMSF auditors will have their work processes examined by the ATO after new guidelines were introduced governing the scope of their independence.

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Financial Planning

COVID advice relief impractical

covid financial advice

Feedback from the financial advisory sector has revealed practitioners consider the compliance relief implemented for some COVID-19 advice lacked practicality.

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Documentation

Revised accounting standard may impact SMSFs

accounting standard SPFS

SMSFs looking to prepare special purpose financial statements will need to ensure their trust deed is set up accordingly thanks to a newly amended accounting standard, the ATO says.

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Superannuation

Return targets need post-pandemic review

superannuation returns

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

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LRBA

Slow LRBA growth reduces risk

LRBA risks growth

The latest ATO statistics on the SMSF sector have shown a flattening of LRBA growth compared to previous years reducing concerns about risks in that market.

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