News

ATO

ATO confirms tougher admin penalties stance

The ATO experienced a $1.4 million increase in administrative penalties collected in the 2019 financial year, according to the regulator’s most up-to-date data.

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FASEA, Financial Planning

Code of ethics will rewrite law, reduce income

FASEA code ethics AFA

The AFA has labelled the FASEA code of ethics as unworkable, claiming it will rewrite financial services law and adversely impact on adviser revenue.

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Financial Planning, Retirement

Most retirees opt out of financial advice

retirees financial advice

The majority of Australians would rather look after their retirement finances independently of a financial adviser, according to a recent survey.

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Administration, Business News

Class completes new product integration

Class product integration

Class has completed its integration with Cloudoffis SMSF Sorted, which is designed to deliver increased efficiency to SMSF accountants and administrators.

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Financial Planning

Advisers seek NALE fine-tuning

Non-arm’s-length expense

The new non-arm’s-length expense rules governing SMSFs need further clarification as to how they will be applied in some particular situations, financial advisers have said.

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Pensions

ATO pension guidance raises questions

Minimum pension standards

The ATO’s guidance on minimum pension requirements for SMSFs raises some key questions, an actuarial services provider says.

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Retirement

Longevity tables lag actual life expectancy

longevity tables life expectancy

Financial planners should reconsider their use of longevity tables that do not reflect current and future increases in life expectancy, according to the Actuaries Institute.

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FASEA

FASEA releases September exam results

FASEA exam results

FASEA has announced the results for the financial adviser exams held in September, with a record number of advisers enrolled for the next round of exams in December.

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ASIC

Adviser banned for SMSF property advice

adviser banned SMSF property

An adviser who told many of his clients to invest in property via an SMSF has been banned after it was found he did not act in the best interests of clients.

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Accounting

HNW investor demand for advice to keep growing

Investments to change the world

Investors with more than $1 million will continue to seek professional advice despite the negative press surrounding the sector, according to new research.

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