News

Compliance, Financial Planning

Pre-emptive advice solutions required

Financial planning advice compliance

A chartered accounting firm partner has called for greater proactivity from the financial planning industry in addressing poor compliance practices.

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Financial Planning, Regulation

SMSF advice review needed with ASIC, FASEA input

SMSF advice review

The SMSFA has called for an inquiry into SMSF advice, with input from regulatory and professional bodies, to clarify its provision to trustees.

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Residential Property

Residential property can be transferred to an SMSF

SMSF residential property

Residential property may be held in an SMSF if it is being used as part of a business, but trustees need to tread carefully when implementing such a strategy.

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ATO, Investments

SMSFs receive ATO letters querying investment strategy

SMSFs ATO letters investment

SMSFs have begun to receive letters from the ATO seeking clarification over their investment strategy and also flagging penalties for any lack of action on the issue.

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Financial Planning, Superannuation

AFCA shares crucial SMSF switching advice elements

AFCA SMSF switching advice

Financial planners have been made aware of the elements the Australian Financial Complaints Authority focuses on when examining disputes over SMSF switching advice.

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LRBA, Property

Title transfer not compulsory for LRBA paid property

LRBA property transfer

Trustees are not obliged to transfer property from a bare trust to their fund once the debt is paid off for SMSF-owned properties purchased via LRBAs, an SMSF expert says.

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Superannuation

Adding child member also requires new adult trustee

child member SMSF

An SMSF can add a person under 18 as a member, but doing so will require the addition of a further adult trustee to oversee them.

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Compliance, Regulation

SMSF advice ranks highly in AFCA complaints

SMSF advice AFCA complaints

Complaints involving SMSF advice rank among the highest of the financial planning disputes the Australian Financial Complaints Authority has had to deal with, statistical data has shown.

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Financial Planning, Superannuation

Advisers still unclear on SMSF set-up

SMSF personal advice

Advisers are still uncertain as to what is considered advice when setting up a fund for a client, with trustee structures being a trap for the unaware.

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Compliance

Trustees must be aware of contributions status

trustees SMSF contributions

Trustees must understand which contributions can be accepted by their fund and which cannot be permitted to ensure they are not in breach of super regulations, an SMSF expert says.

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