News

Financial Planning, Regulation

FPA wants AFSL system dumped

FPA AFSL system

The AFSL system for financial planners should be replaced by a new framework focusing on individual registration through a single disciplinary body, the FPA says.

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Accounting, Financial Planning

Advice services need post-COVID-19 focus

post-COVID-19 advice

The COVID-19 downturn has demonstrated the value of professional advice, but practitioners should be preparing for clients’ post-lockdown needs.

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Administration

Class completes NowInfinity integration early

Class NowInfinity integration

The integration of documentation service provider NowInfinity into the organisational structure of Class is now complete.

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Documentation

Conflicts clause no quick fix

conflict interest trust deed

Conflict of interest clauses will not absolve SMSF trustees of their best interest duties, a legal firm has claimed.

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ATO, Tax

ATO pushes NALE action out by year

ATO NALE action

The ATO will not take action on non-arm’s-length expenditure (NALE) of a general nature, allowing SMSF practitioners to work on their own funds for another 12 months.

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Regulation

SMSFA applauds SIS Reg changes

SIS work test changes

The amendments made to the Superannuation Industry (Supervision) Regulations easing age limits applying to the work test and spouse contributions have been welcomed by the SMSF Association.

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FASEA

Advisers should boycott exam

Advisers boycott FASEA exam

The FASEA exam does little to prove the competency of advisers and they should boycott it, according to an adviser representative group.

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Regulation, Superannuation

Work test changes to start on 1 July

work test changes

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.

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Property

Loan guarantees can work

Unit trust loan guarantee

A specialist law firm has said SMSF trustees can act as loan guarantors in relation to geared unit trust investment in property developments.

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Superannuation

Early release widening gender super gap

early release gender gap

Analysis of early release super applications shows the relief measure is having a heavier impact on the superannuation balances of women than those of men.

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