News

Auditing

Auditors warned on advocacy

Auditor independence advocacy

Advocating on behalf of clients can compromise the level of independence an auditor is seen to have, a leading specialist practitioner has said.

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ASIC

Adviser banned for blanket LRBA advice

adviser banned LRBA

ASIC has banned a former representative of Spectrum Wealth Advisers after he gave LRBA and SMSF advice that was inappropriate to client needs.

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Pensions, Retirement

Lump sums can bypass accumulation account

Lump sums accumulation account

SMSF trustees can pay lump sums directly out of an income stream and bypass their accumulation account, a technical expert has said.

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Property, Superannuation

Step carefully before offering rent relief options

SMSF landlords rent relief

SMSF landlords should consider the options available to them before determining rent relief granted to related tenants, SISFA says.

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FASEA

COVID-19 hits exam numbers

FASEA adviser exam

Financial advisers shied away from the first online sitting of the FASEA exam, but registrations for the second iteration are building strongly.

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Compliance, Superannuation

TPB targets tax agents for SAN misuse

TPB SAN misuse

The Tax Practitioners Board (TPB) is reviewing 74 registered tax practitioners believed to have provided false information to the ATO.

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Pensions

Market downturn may suit new pension starts

SMSF pension

The current market downturn may benefit SMSF members looking at starting a pension as fund balances come under restrictive limits.

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Strategy, Superannuation

Year-end review critical in 2020

SMSF strategies

The importance of reviewing SMSF strategies in the lead-up to the close of the 2020 financial year has taken on new significance due to the COVID-19 economic impact, a mid-tier accounting firm director has said.

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Retirement

Govt defers retirement income covenant

retirement income

The government has deferred the implementation of retirement income framework legislation previously expected to commence in July.

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LICs

LIC, LIT stamping fees banned

LIC LIT stamping fees

Listed investment companies and trusts will no longer be able to charge stamping fees from 1 July 2020.

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