News

ETFs, Investments

Diversification an SMSF priority

Diversification an SMSF priority

SMSF investors are showing some urgency in relation to diversification in their portfolio allocations, a report has shown.

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Retirement

New pre-retirement research on the way

pre-retirement research

New insights into how pre-retirement advice can play a more effective role in providing a better life in retirement are expected to be drawn from a research project to be undertaken by Allianz Retire Plus and Macquarie University.

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Accounting, Financial Planning

Accounting bodies cold on advice exemption return

limited advice exemption accountants

Two major accounting bodies have recommended the advice exemption for accountants should not be introduced, but rather a wider review of the tax advice system should take place.

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Accounting, Financial Planning

Support exists for accountants’ exemption rebirth

Accountants could play a role in satisfying the current unmet financial advice needs of Australians if an “extended accountants’ exemption” was introduced, according to a major accounting body.
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Accountants could play a role in satisfying the current unmet financial advice needs of Australians if an “extended accountants’ exemption” was introduced, according to a major accounting body.

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Accounting, Administration

Annual reporting no longer fit for purpose

SMSF annual reporting

The annual reporting model used by most SMSFs should be replaced by more frequent reporting because of the introduction of the TBA and TSB, an SMSF expert says.

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Financial Planning

Unused concessional cap a reserve elimination tool

Unused concessional cap a reserve elimination tool

A technical expert has advised rules that allow individuals to carry forward their unused concessional contributions cap for five years if their total super balance is below $500,000 can help to get rid of SMSF reserves.

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Accounting

CFSGAM renamed as First Sentier

CFSGAM First Sentier

The acquisition of Colonial First State Global Asset Management by Mitsubishi UFJ Trust and Banking Corporation has been reflected in the business being rebranded as First Sentier.

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ATO, Auditing

Auditors in frame for SMSF investment strategy

auditors investment strategy ATO

Auditors may be held responsible for the absence of an investment strategy, with recent letters from the ATO showing they had a gatekeeper role.

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ATO, Investments

CAANZ makes recommendations re ATO letters

ATO SMSF investment strategies

A major accounting body has made recommendations as to how SMSF auditors, administrators and tax agents can play a role in the ATO’s scrutiny of investment strategies.

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ATO, Regulation

ATO unveils plan to stop illegal super access

Illegal access to superannuation

The ATO has implemented a new SMSF registration process and will work with APRA-regulated funds to improve the rollover process as part of its plan to prevent illegal access to super via SMSFs.

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