News

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.

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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).

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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.

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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.

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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.

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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.

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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.

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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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