News

Business News

BT Panorama functionality resonating well

BT Panorama mobile app

SMSF clients have significantly increased their use of the BT Panorama mobile app in recent months.

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Business News, Financial Planning

AFCA extends dispute timeframes

AFCA dispute timeframes

The Australian Financial Complaints Authority (AFCA) has provided more time for financial advice businesses to respond to complaints as part of its response to COVID-19.

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Auditing

Auditors need better protection

SMSF auditors protection

Current steps to address SMSF auditor number misuse (SAN) are a good start but a better process than manual checking needs to be developed, a specialist auditor has claimed.

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ASIC

Govt welcomes new ASIC relief measures

ASIC relief measures

ASIC’s new temporary relief measures to assist the financial advice industry during the COVID-19 pandemic have been welcomed by a senior government minister.

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LRBA

LRBA structure may get new break

LRBA structure

SMSF trustees may soon have more ways to structure limited recourse borrowing arrangements without breaching the Superannuation Industry (Supervision) Act due to a new ATO legislative instrument.

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Documentation

SMSF documents likely to fail legal test

SMSF legal documents

Many SMSF documents are likely to fail future legal challenges and advisers should consider the source of the documents they use, according to an SMSF legal expert.

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ASIC, Financial Planning

Early access advice simplified

ASIC financial advice COVID-19

ASIC has announced temporary relief measures to assist the financial advice industry during the COVID-19 pandemic, including relaxed rules around the provision of advice.

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Financial Planning

Industry bodies help in COVID-19 advice move

COVID-19 financial advice

ASIC’s decision to make providing financial advice easier from a compliance perspective in the wake of the coronavirus pandemic was made in collaboration with five industry bodies.

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Accounting, FASEA

Limited licensees have role under FASEA code

limited licence FASEA

Advisers operating under a limited Australian financial services licence can still play a role while complying with the new FASEA code of conduct, the government body has said.

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ATO, Superannuation

In-house asset relief has limits

in-house asset

Trustees looking to correct an in-house asset breach from 2019 should take whatever action necessary to rectify it as the ATO will still be taking a look at any issues in that area.

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