News

Auditing, Superannuation

Real cost-saving measures put to Treasury

superannuation; age pension; retirement

A specialist SMSF firm has proposed alternative measures to the federal government’s three-yearly audit proposal to achieve cost savings for the sector.

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Investments

Advisers must apply ESG framework

Investor attitudes towards climate change and regulatory change, which in turn are forcing businesses to become more sustainable, means advisers cannot afford to ignore environmental, social and governance (ESG) issues.

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Administration, Auditing, Compliance

SISFA outlines audit eligibility criteria

SMSF trustees who have received an auditor management letter or any fund that has breached the superannuation legislation should not qualify for the three-year audit cycle for at least three years, according to an SMSF advocacy group.

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Appointments

SuperConcepts appoints senior BDMs

SuperConcepts today announced it has bolstered its nationwide footprint with the addition of two senior business development professionals.

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Pensions, Retirement

Morrison dumps plan to raise pension age to 70

The Association of Superannuation Funds of Australia (ASFA) has welcomed Prime Minister Scott Morrison’s announcement today that the government will scrap a proposal to lift the age of eligibility for the age pension beyond 67 years.

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Appointments, Financial Planning

Stuart Robert to oversee financial services

Treasurer Josh Frydenberg has announced the treasury portfolio arrangements for Prime Minister Scott Morrison’s government.

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ASIC

Court EU slapped on ex-MyPlanner adviser

The corporate regulator has accepted a court-enforceable undertaking (EU) from a former adviser at independently owned financial planning group MyPlanner Australia, prohibiting him from providing advice for three years.

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Retirement, Strategy, Superannuation

Transfer balance cap catches

If there’s something all laws have in them, it’s unintended consequences. The introduction of the transfer balance cap (TBC) is no exception. It’s got them, just like fleas on a dog’s back.

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LRBA

Time ticking on LRBAs

The future is very bleak for limited recourse borrowing arrangements (LRBA) and borrowing within SMSFs, with a number of factors providing the final nails in the coffin, according to a lawyer.

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Auditing

Non-audit years need “light-touch” check-in

The federal government should strongly consider requiring SMSFs using a three-year audit cycle to have a “light-touch” compliance check in the non-audit years should it choose to proceed with its audit proposal, an industry body has argued.

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