News

ASIC, Education, Financial Planning

ASIC releases responsible manager FASEA requirements

The Australian Securities and Investments Commission (ASIC) has begun consultation on increased competence requirements for advice licensees and their responsible managers to support the professional standards reforms in the financial advice industry. ASIC has proposed updates to “Regulatory Guide 105 Licensing: Organisational competence” (RG 105), including requiring responsible managers of advice licensees to pass the […]

read more
ASIC, ATO, Auditing

SMSF auditors practice statement updated

The ATO’s Practice Statement Law Administration (PA LA) in relation to determining whether matters concerning approved SMSF auditors should be referred to the Australian Securities and Investments Commission (ASIC) must be carefully read by super trustees and advisers.

read more
ATO, Compliance

Market-linked pensions in the new reporting regime

There has been a lot of information published in relation to the transfer balance account report (TBAR) requirements for account-based pensions (ABP), which, while certainly onerous, are reasonably simple in theory. Capped defined benefit income stream (CDBIS), however, are not quite as simple, with additional reporting requirements coming to light now, more than a year […]

read more
Accounting, Compliance, Financial Planning

Accountants given added SMSF advice warning

An audit expert has said unlicensed accountants must take even greater care when providing execution-only services to their clients in the midst of the banking royal commission as it still may be taken as advice.

read more
ATO, Compliance

Proper procedure needed with TBAR corrections

The ATO has stipulated certain processes are absolutely necessary to correct any errors relating to transfer balance account reports (TBAR).

read more
Compliance, Regulation

NALI dictates better expense examination

The ATO’s amended stance on non-arm’s-length income (NALI) to include cost savings means advisers must now perform a more comprehensive analysis of certain expenses an SMSF incurs to avoid the associated income being taxed at the highest marginal tax rate, a technical expert has said.

read more
Accounting, Education

FASEA can’t steer accounting business structuring

The Institute of Public Accountants (IPA) has reiterated its stance that the body developing the new education standards for financial advisers should not dictate to accountants how they should structure their businesses.

read more
Retirement, Superannuation

Super body slams Grattan retirement report

The superannuation industry peak body has called out the Grattan Institute for launching an unprecedented attack on the retirement savings of ordinary Australians.

read more
LRBA

LRBAs remain vital tool for SMEs: Thinktank

Critics of limited recourse borrowing arrangements (LRBA) often cite the activities of residential property spruikers to taint the lending instrument more broadly, but the baby should not be thrown out with the bathwater, according to Thinktank.

read more
Investments, Residential Property

DomaCom launches branded mortgage sub-fund

Fractional property investment company DomaCom today announced an allocation to two mortgage investments by its first branded mortgage fund with DFS Portfolio Solutions (DFSPS), allowing advisers to gain exposures within their client portfolios.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital