News

FASEA, Financial Planning

Piecemeal advice makes FASEA code compliance easier

Piecemeal advice FASEA code

Practitioners may need to break the SMSF advice they provide into piecemeal segments that are more easily digestible to better ensure compliance with standard five of the Financial Adviser Standards and Ethics Authority (FASEA) Code of Ethics, a sector specialist has said. BT Financial Group head of financial literacy and advocacy Bryan Ashenden told delegates […]

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Documentation

New fund is best solution for lost deed

lost SMSF deed

SMSFs that have lost their deed should consider creating a new fund, rather than merging with another fund, to overcome any document losses or deficiencies.

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Accounting, Practice Management

Pricing behaviour needs to change

Accounting client pricing

Formulating an appropriate price to charge accounting clients must be driven by what the practice feels the advice is worth and not unrelated, external factors

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Technology

SMSFs a tech efficiency example

SMSF technology efficiency

The SMSF sector has shown how technology can be effectively used to create better consumer outcomes, particularly in terms of cost savings

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Strategy

Stalled bring-forward rules create dilemma

bring forward rules law

SMSF members looking to move large non-concessional contributions into super may prefer to take a tax hit instead of waiting for the bring-forward rules to change.

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ASIC, Financial Planning

Industry bodies slam ASIC levy hike

ASIC levy increase

Australia’s peak financial services industry bodies have condemned the substantial increase in the levy charged to financial advisers and their licensees.

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Accounting

Discounts must be compensated

accounting fees

Accounting firms must request adequate compensation for any discount to their service fees requested by a client.

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LRBA

LRBAs hold their ground

LRBAs SMSF portfolios

Limited recourse borrowing arrangements have held their ground within the portfolios of SMSFs, but are still less than 1 per cent of all residential property assets.

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Strategy

Death benefit strategy for non-dependants

Death benefit non-dependants

SMSF members can use their fund to pass on benefits to a non-dependant before their death using a legitimate contribution strategy contained within super regulations.

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Retirement

Cost of living on the rise for retirees

Cost of living retirees

Price increases returning to normal after the easing of COVID-19 restrictions has resulted in a rise in the cost of living for retirees in recent months.

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