News

Regulation, Tax

Accountants split on tax advice oversight

Accountants split on planner tax advice oversight

Accounting and tax bodies have taken a number of differing stances on which regulator should oversee tax advice provided by financial planners, with one calling for no regulation at all.

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Compliance

NCC cap triggers common error

NCC cap triggers common error

An SMSF expert has identified a common misconception regarding the non-concessional contributions cap and its effect on the treatment of limit breaches.

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FASEA

FASEA plans need not change in light of extensions

FASEA exam extensions

Advisers should avoid depending on the recently announced FASEA deadline extensions when deciding when to sit their exam, a financial planning exam preparation provider has said.

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LRBA

ATO letters could be targeting LRBAs

ATO letters could be targeting LRBAs

A technical expert has raised the notion LRBAs may be the target of ATO scrutiny resulting from the letters of inquiry it recently sent out regarding SMSF investment strategies.

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Compliance, Financial Planning

TBC creates puzzling advice issues

Transfer balance cap death benefits

A chartered accounting firm partner has identified advice compliance complexity resulting from the transfer balance cap’s effect on the treatment of SMSF death benefits.

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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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