News

Administration, Superannuation

Class enhances TBAR functionality

Class has made enhancements to transfer balance account report functionality following the release of a new ATO online service portal.

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Investments, Tax

Franking credit inquiry opposes refund changes

Accountant; SMSF; defrauded

The final report from an inquiry into the removal of franking credits to some individuals has opposed the move, despite being split along party lines.

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Investments, Tax

Labor claims franking credit inquiry not valid

The Labor Party has accused the chair of the franking credit inquiry of breaching parliamentary standards and colluding to influence consumers.

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Investments, Tax

FSC supports franking credit report recommendation

The FSC has welcomed a recommendation from a parliamentary inquiry which has opposed the removal of franking credit refunds.

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Accounting

NALI, LRBA changes unlikely to pass before poll

A bill to make changes to the rules around calculations for NALI and the value of assets in an SMSF with an LRBA are likely to lapse after stalling in the Senate.

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Pensions, Superannuation

Contributions measure raises other system questions

A technical expert has queried whether other aspects of the superannuation rules will need changing in line with the measure announced in the budget amending contributions for individuals over the age of 65.

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Accounting, ASIC, Financial Planning

ASIC puts new conditions on SMSF Advisers Network

ASIC has imposed additional licence conditions on the NTAA-owned SMSF Advisers Network following concerns about compliance with the best interest duty.

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Appointments

SuperConcepts appoints permanent CEO

SuperConcepts has named an AMP senior staffer as its new permanent CEO.

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Financial Planning

FPA urges change of name for ‘general advice’

The FPA has called on the government to clearly define financial advice after a recent ASIC report revealed confusion around the types of advice on offer in the market.

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Investments, Platforms

ASIC acts on AMPFP over managed account services

Shifts in the provision of managed accounts has resulted in additional licence conditions being imposed on AMP Financial Planning.

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