News

SMSF Association critical of ASIC message

October 14, 2019

The latest Australian Securities and Investment Commission fact sheet on SMSFs has been criticised by the main industry body for portraying the sector in a very poor light.

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ASIC, Superannuation

ASIC specifically flags SMSF downsides

October 14, 2019

Tharshini Ashokan

ASIC has claimed an SMSF isn’t an appropriate strategy in certain situations and potential trustees should be aware of the downsides of SMSFs before establishing one.

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FASEA, Financial Planning

Govt drops associations from adviser oversight

October 14, 2019

Jason Spits

Financial advice associations have been cut out of the code of ethics enforcement model as tge government announces the creation of a new disciplinary body.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

October 14, 2019

Jason Spits

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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Accounting, ASIC

SMSF accountant jailed for three years

October 14, 2019

Darin Tyson-Chan

A three-year jail term has been handed down to an SMSF accountant found guilty of making false and misleading statements to obtain money from his clients and subsequently misappropriating those funds.

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Appointments

SuperConcepts CEO expands role at AMP

October 10, 2019

Tharshini Ashokan

SuperConcepts’ new transformation strategy will coincide with the bigger role it is set to play in the AMP Wealth business.

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Property

Real property problems not about LRBAs

October 10, 2019

Darin Tyson-Chan

The ATO’s decision not to target the operation of limited recourse borrowing arrangements directly in its efforts to crack down on inappropriate uses of SMSFs to acquire property has been supported by a specialist fund manager.

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Superannuation, Tax

Success of super may mean inheritance taxes

October 10, 2019

Jason Spits

The large sums of money currently in superannuation that are being passed on to succeeding generations is likely to lead to the introduction of inheritance taxes, a boutique advice firm has predicted.

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FASEA

FASEA exam attracts record registrations

October 10, 2019

Jason Spits

Around 5000 financial advisers will have registered for FASEA exams during 2019 with a record number set to take on the exam in December.

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Accounting, Financial Planning

Accountants and planners will continue to converge

October 9, 2019

Jason Spits

A boutique advice firm has predicted further convergence between accountants and financial planners as the latter move away from being investment managers.

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