News

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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Education, FASEA

SMSF Association welcomes FASEA extension

SMSF Association FASEA extension

The provision of extra time to complete new education requirements will reduce disruption for advisers and provide more time to adjust to the changes, according to the SMSF Association.

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Education, FASEA

FASEA timetable extended

FASEA extension financial advisers

The federal government has extended the time available for financial advisers to complete the mandatory adviser exam by a year and has also granted a two year extension to meet Financial Adviser Standards and Ethics Authority (FASEA) education requirements. The extensions will, however, only apply to those considered as existing advisers at the end of […]

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ATO

ATO flags TBC indexation awareness

Transfer balance cap indexation

Indexation of the transfer balance cap may be triggered as early as 1 July 2020, with the ATO already making preparations for this event.

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ATO, Compliance

Early advice lowers ATO penalty risk

SMSF trustees ATO penalties

Trustees who seek professional advice when considering uncommon SMSF transactions are more likely to avoid costly ATO penalties, an SMSF expert says.

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