News

Regulation

Financial services complaints rise

AFCA financial complaints

AFCA has revealed a 40 per cent increase compared to last year in the number of complaints received from Australians in dispute with financial institutions.

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FASEA

FASEA to hit entire SMSF practitioner space

FASEA to hit entire SMSF practitioner space

Practitioners servicing SMSF clients but not providing advice will still be affected by the changes resulting from the Financial Adviser Standards and Ethics Authority education requirements, according to a senior industry executive.

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ATO, Property

DomaCom gets sole purpose guidance from ATO

DomaCom sole purpose ATO

DomaCom has received guidance from the ATO on how SMSFs can satisfy the sole purpose test when a property investment is rented by a related party of the fund.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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Financial Planning, Retirement

Ex-planner opens equity release advice business

Ex-planner opens equity release advice business

The growth of the equity release sector has prompted a former planner to open an advice and brokerage service for retirees.

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Financial Planning

Consumers place little faith in finance industry

Consumers place little faith in financial advice industry

Consumer trust in the financial advice industry remains low, with more people turning to digital self-help advice tools than in previous years, a recent industry report reveals.

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Administration, Regulation

Six member funds regarded as franking credits foil

six member franking credits

A leading SMSF administrator has revealed interest among its clients to have more members in their funds has dropped away since the May federal election.

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ATO, Superannuation

TBAR should be lodged when pension rolled over

TBAR pension rollover

Advisers assisting clients with a pension rollover to an APRA fund should make a TBAR at same time to avoid an ATO breach notice.

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Property

Unlisted property can boost SMSF diversification

Unlisted property can boost SMSF diversification

SMSFs seeking more diverse investments can use unlisted property funds to gain access to a range of property asset classes, a property funds industry body says.

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ATO, Superannuation

Non-lodgement on the increase

SMSFs lodge annual return

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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