News

Documentation

Avoid blanket conflict clauses in EPOA

conflicts clauses EPOA

Blanket clauses in EPOAs overriding conflicts of interest relating to the making or extending of BDBNs are likely to be ineffective or, in some cases, high-risk.

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ASIC, Financial Planning

Protocol will enable five-year work check

adviser work check

A draft reference-checking protocol includes the ability for licensees to check five years of an adviser’s work and audit history before deciding to employ them.

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Superannuation

A six-member SMSF trap

six-member SMSF trap
&

When considering six-member SMSFs, the Senate Economics Legislation Committee has hinted at an important trap advisers must remember.

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Auditing

Trustees have SAN misuse duty

trustees san misuse

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.

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Administration, Documentation

Accountants reject new reporting deadline

SMSF statements deadline

The proposed new deadline by which SMSF financial statements must be prepared has been rejected by two major accounting bodies in a joint submission to Treasury.

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Education, FASEA

FASEA requirements driving adviser exits

FASEA adviser exits

FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

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Documentation

Trustees must check all death benefit claims

Trustees death benefits

A trustee should check all claims to any death benefits even where they may have total discretion over the payments, an SMSF lawyer has advised.

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Retirement

Traditional investment path fails retirees

Traditional investment retirees

The current portfolio approach for retirees is outdated and leaves them vulnerable to low interest rates and higher market volatility.

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Strategy

Separate SMSFs a conflict fix

Separate SMSFs member conflicts

A specialist lawyer has suggested establishing separate SMSFs can help avoid member conflicts while still achieving the desired investment objectives.

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ASIC

Adviser pleads guilty to $3m misappropriation

SMSF adviser misappropriation

A Sydney-based SMSF adviser has pleaded guilty to offences related to the misappropriation of $2.9 million of client funds.

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