News

ATO, Auditing, Tax

SMSF returns to require new audit information

SMSF; annual return; audit

SMSFs will need to pay attention to changes in the 2019 SMSF annual return that require mandatory audit report information to be included for the first time.

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ASIC, Regulation

Legacy complaints now under AFCA’s remit

The Australian Financial Complaints Authority is now able to deal with legacy complaints about the financial services industry as a result of approval granted by the Australian Securities and Investments Commission.

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Administration, Platforms

Praemium expands SMSF admin service

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Praemium has continued to build out its SMSF administration service, offering tax and audit reporting services to further benefit existing clients.

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ATO, Superannuation, Tax

When is Division 293 tax paid?

SMSFs may be subject to paying tax on contributions made to the fund but, under Division 293, when can a fund member access money from the fund to pay that tax, and what steps are required to remain compliant with the ATO?

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Pensions, Retirement

Time running out for anti-detriment benefits

anti-detriment; provisions; death benefits

Advisers wanting to take advantage of the anti-detriment provisions for death benefits paid to their clients must do so before 1 July, a financial institution has said.

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ATO, Strategy

Paperwork and purpose provide NALI protection

Having sufficient paperwork and an investment strategy aligned to the purpose of an SMSF will help avoid claims against NALI arrangements, according to a financial services lawyer.

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Pensions

Pension underpayments a risk for members

SMSF members must meet their mandatory minimum pension amounts in order to claim their tax exemptions for the financial year, an SMSF expert says.

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ASIC, Financial Planning

ANZ completes work over fees for no advice

ANZ has complied with an enforceable undertaking aimed at remediating advice customers caught up in fees-for-no-service conduct.

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Superannuation

APRA imposes new conditions on AMP Super

APRA has imposed new licence conditions on AMP Super to address a range of issues identified by the prudential regulator during and after the financial services royal commission.

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Education, FASEA

FASEA approves bridging and diploma courses

FASEA; Graduate Diploma; bridging course

The Financial Adviser Standards and Ethics Authority has approved a number of graduate diploma and bridging courses, opening the way for advisers to meet their training obligations by the start of 2024.

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