News

Regulation

FSC admits to sector cultural issues

The Financial Services Council (FSC) has acknowledged the conduct of financial services providers has been unacceptable over many years and the sector needs an urgent cultural transformation.

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Pensions

Pension conversions and death benefit pensions

Some doubt has been expressed about the ability of a member to use a binding death benefit nomination (BDBN) to convert their non-reversionary pension into a reversionary pension.

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Financial Planning, Regulation

Interim report questions key advice concerns

tax impact; franking credits

The royal commission into banking, superannuation and financial services has identified greed and the “pursuit of short term profit at the expense of basic standards of honesty” as the reasons for the misconduct, and highlighted several issues for the financial advice sector.

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ASIC, Compliance

ASIC releases code of ethics guidance

The Australian Securities and Investments Commission (ASIC) has issued guidance on its proposed approach to approving and overseeing compliance schemes for advisers, and how it expects a scheme to operate on an ongoing basis.

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ATO, Regulation

ATO must deliver NALI guidelines

The ATO should provide the industry with official guidelines spelling out the difference in internal transactions under the new non-arm’s-length income (NALI) rules once they are passed into law, a technical expert has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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Retirement, Strategy, Superannuation

Impact of death on total super balance

The 1 July 2017 super reforms introduced yet another new term to the super lexicon – total superannuation balance (TSB). This is more or less defined as everything (accumulation accounts, pensions, defined benefits) an individual has in the superannuation system at a particular point in time across all of their super funds.

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Accounting, Financial Planning

Multidisciplinary firms outperforming accountants

New research has revealed multidisciplinary accounting practices have a larger number of SMSF clients and have greater profitability growth, with the shift away from pure accounting specialists expected to continue.

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Accounting, Strategy

SMSF exit plans a sleeper issue

Accountants and advisers who have clients with real business premises in their SMSFs should consider restructuring the premises before the death of members to ensure a smooth SMSF exit plan, according to an industry consultant.

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Compliance, Pensions, Strategy

Disregarded small fund asset awareness needed for ECPI

Financial advisers and their SMSF clients need to consider the new rules pertaining to disregarded small fund assets when assessing whether an actuarial certificate will be needed to claim exempt current pension income (ECPI), an industry technical expert has said.

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