News

financial advice, Financial Planning

FAAA to launch advice academy

FAAA Financial Advice Association of Australia Adviser academy Financial advisers

The FAAA will launch an advice academy to assist high school students and career changers to make the jump into the financial advice sector.

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ATO, Contributions, SMSF, Strategy

Recontribution tax benefits okay

ATO PBR Withdrawal Recontribution strategy

Several tax benefits resulting from a withdrawal and recontribution strategy have been deemed legal in a recent ATO private binding ruling.

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NALI/NALE

NALE bill passed by parliament

NALE non-arm’s-length expenditure bill SMSF Self-managed superannuation fund Royal assent

Changes to the NALE provisions will become law, with only the question of when they will take effect yet to be answered.

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financial advice, SMSF

More entrants can curb unadvised SMSFs

SMSF Self-managed super fund Financial Advice Association Australia FAAA Vanguard/Investment Trends SMSF Report financial advisers

SMSF trustees establishing funds without professional financial advice will continue as long as there is a shortage of practitioners in the field.

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Education, financial advice

Licensees to report experienced pathway users

Financial advisers Australian financial services licensees AFSL experienced provider pathway declaration

Licensees have been reminded they will have one month from 1 July to notify ASIC of any adviser who uses the experienced provider pathway.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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Compliance, Contributions, Tax

Contribution deduction can’t outweigh income

Contribution Deduction ATO Assessable income Non-concessional contribution

Trustees must ensure they have enough assessable income to offset a contribution deduction to avoid the risk of a compliance breach that will incur additional tax liabilities.

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ATO, Auditing, SMSF

ATO updates SMSF auditor’s report

ATO SMSF independent auditors report ASQM1 ASQC1 SMSF auditors

The SMSF independent auditor’s report has been updated, reflecting changes to audit standards that came into effect in late 2022.

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financial advice

Financial abuse protocols needed

FAAA Financial Advice Association Australia Financial abuse reporting

The processes for financial advisers to report suspected financial abuse are unclear, with some current laws preventing appropriate action taking place.

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AFCA, BDBNs, Superannuation

Federal court upholds BDBN decision

Corbisieri Nguyen BDBN AFCA Nguyen v Australian Financial Complaints Authority [2024] FCAFC 77 Federal Court

The Federal Court has ruled a suicide note sent via text message was not sufficient to terminate a relationship for the purposes of a binding death benefit nomination.

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