News

Accounting, Regulation

Accountants’ exemption no longer supported

accountants’ exemption

Three major accounting bodies will work together to create a simplified financial advice model, but will not consider a return to the limited licensing regime.

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Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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Superannuation

Action needed on Division 7A loans

Division 7A loans SMSFs

Despite changes to Division 7A loans not starting until mid-2020, SMSFs should aim to pay them off rather than be saddled with a more restrictive regime.

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Regulation

Financial services complaints rise

AFCA financial complaints

AFCA has revealed a 40 per cent increase compared to last year in the number of complaints received from Australians in dispute with financial institutions.

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FASEA

FASEA to hit entire SMSF practitioner space

FASEA to hit entire SMSF practitioner space

Practitioners servicing SMSF clients but not providing advice will still be affected by the changes resulting from the Financial Adviser Standards and Ethics Authority education requirements, according to a senior industry executive.

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ATO, Property

DomaCom gets sole purpose guidance from ATO

DomaCom sole purpose ATO

DomaCom has received guidance from the ATO on how SMSFs can satisfy the sole purpose test when a property investment is rented by a related party of the fund.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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Financial Planning, Retirement

Ex-planner opens equity release advice business

Ex-planner opens equity release advice business

The growth of the equity release sector has prompted a former planner to open an advice and brokerage service for retirees.

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Financial Planning

Consumers place little faith in finance industry

Consumers place little faith in financial advice industry

Consumer trust in the financial advice industry remains low, with more people turning to digital self-help advice tools than in previous years, a recent industry report reveals.

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Administration, Regulation

Six member funds regarded as franking credits foil

six member franking credits

A leading SMSF administrator has revealed interest among its clients to have more members in their funds has dropped away since the May federal election.

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