News

ASIC, Compliance

ASIC exposes fee disclosure issues

ASIC report financial advice

A new ASIC report has revealed consumers receiving financial advice could be in receipt of incomplete information about their fees and being charged fees even after the relevant arrangements have been cancelled.

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Financial Planning

New forum for FPA members

FPA forum

A new online discussion forum has been developed by the Financial Planning Association and made available for its members.

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Property

Duty, land tax changes have trust implications

Duty and land tax changes have trust implications

The State Revenue Legislation Further Amendment Bill 2019 (NSW) may impact on discretionary trusts holding residential property in NSW despite not yet being law, a specialist legal firm says.

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Superannuation

Super could push ASX capacity

ASX capacity

The capacity of the Australian Securities Exchange could be seriously challenged by superannuation monies, according to analysis performed by a major accounting firm.

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ATO, Investments

ATO cannot scrutinise chosen investments

SMSF investment strategies

The ATO does not have powers to assess investments but trustees need to ensure they match documented strategies, an SMSF service provider has warned.

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LRBA, Property

Unit trusts a good LRBA alternative

Non-geared unit trust

Non-geared unit trusts are a smart alternative for trustees with concerns about LRBAs, an SMSF administrator says.

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ASIC, FASEA

Associations welcome ASIC ethics approach

FASEA code of ethics

Two major industry bodies have supported the Australian Securities and Investments Commission’s enforcement attitude regarding the Financial Advisers Standards and Ethics Authority Code of Ethics.

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ASIC, FASEA

ASIC will not enforce FASEA Code of Ethics

ASIC FASEA code

ASIC will not enforce the FASEA Code of Ethics in the absence of a government approved compliance scheme citing it was not empowered to do so under law.

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Investments, Strategy

State law can cloud investment strategy

SMSF investment strategy

State-based laws could add a layer of complexity to the compliance regarding SMSF investment strategies, according to an industry lawyer.

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Retirement

Review to unpack retirement adequacy issue

retirement adequacy review

The lack of consensus around the adequacy of retirement income will be examined by the Retirement Income Review which also noted there was no agreed way to assess it.

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