News

ASIC, LRBA, Regulation

Adviser banning blurs best interest duty

A red and white sign reading wrong way seen over shoulder of a man

The recent banning of SMSF adviser Jason Atkins has highlighted the dangers financial planners face in complying with the best interest duty requirements under the Future of Financial Advice reforms, a strategy specialist has said.

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Cryptocurrency, Tax

Tax treatment of cryptocurrency evolving

The ATO is expected to continue to develop its position on the tax treatment of cryptocurrency as the digital currency gains greater interest from average investors, as well as SMSFs.

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ATO, Tax

ATO needs governance shake-up

The ATO is a monopoly service provider by necessity, but there are governance issues including too much power focused on one individual, according to taxation watchdog the Inspector-General of Taxation.

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Regulation, Tax

Imputation credit policy reversal not guaranteed

Individuals concerned about the Labor Party’s proposed banning of franking credit refunds in certain circumstances should not expect a future coalition government to repeal the policy should it become law, a representative for senior Australians has advised.

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Education, Financial Planning

Advisers given FASEA preparation reminder

Online adviser portal Wealthdigital has underscored the need for financial planners to be well prepared for further postgraduate study requirements under the Financial Adviser Standards and Ethics Authority (FASEA).

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ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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Accounting, ATO, Pensions

Excess determinations not a disaster

Accountants who lodged transfer balance account reports (TBAR) for their clients on 29 October may receive an excess notice from the ATO, but should not panic, a technical expert has said.

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ASIC, Regulation

Consistent advice must avoid checklist routine

The Australian Securities and Investments Commission (ASIC) has reaffirmed its position on how the financial advice industry should achieve consistent standards in light of the banking royal commission.

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Platforms

BT Panorama’s SMSF FUA increases

BT Financial Group (BTFG) today announced funds under administration (FUA) for its flagship Panorama platform were up 85 per cent to $12.4 billion for the 2018 financial year compared to 2016/17.

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Accounting, Education

Professional advisers meet most FASEA elements

Chartered accountants (CA) and certified practising accountants (CPA) have already met most of the elements of the proposed education reforms and therefore should not be compelled to study further, AccountantsIQ has argued.

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