News

Compliance, Regulation

SMSF advice ranks highly in AFCA complaints

SMSF advice AFCA complaints

Complaints involving SMSF advice rank among the highest of the financial planning disputes the Australian Financial Complaints Authority has had to deal with, statistical data has shown.

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Financial Planning, Superannuation

Advisers still unclear on SMSF set-up

SMSF personal advice

Advisers are still uncertain as to what is considered advice when setting up a fund for a client, with trustee structures being a trap for the unaware.

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Compliance

Trustees must be aware of contributions status

trustees SMSF contributions

Trustees must understand which contributions can be accepted by their fund and which cannot be permitted to ensure they are not in breach of super regulations, an SMSF expert says.

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Education, FASEA

SMSF Association welcomes FASEA extension

SMSF Association FASEA extension

The provision of extra time to complete new education requirements will reduce disruption for advisers and provide more time to adjust to the changes, according to the SMSF Association.

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Education, FASEA

FASEA timetable extended

FASEA extension financial advisers

The federal government has extended the time available for financial advisers to complete the mandatory adviser exam by a year and has also granted a two year extension to meet Financial Adviser Standards and Ethics Authority (FASEA) education requirements. The extensions will, however, only apply to those considered as existing advisers at the end of […]

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ATO

ATO flags TBC indexation awareness

Transfer balance cap indexation

Indexation of the transfer balance cap may be triggered as early as 1 July 2020, with the ATO already making preparations for this event.

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ATO, Compliance

Early advice lowers ATO penalty risk

SMSF trustees ATO penalties

Trustees who seek professional advice when considering uncommon SMSF transactions are more likely to avoid costly ATO penalties, an SMSF expert says.

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Financial Planning

Best interest duty a catch-all for adviser misconduct

best interest duty advisers

Best interest duty is being used as a new benchmark for adviser behaviour, but the term carries different meanings for advisers and consumers, according to a financial services lawyer.

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Superannuation

Canberra has 10 per cent SG limit

Superannuation guarantee

A Liberal MP has suggested there is no support on either side of the political fence to set the superannuation guarantee rate any higher than 10 per cent.

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ASIC

ASIC to publish SMSF red flags for consumers

ASIC SMSF red flags

ASIC has committed to better informing and protecting consumers under its latest corporate plan and will publish information on potential SMSF red flags as part of its output for the current financial year.

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