News

ASIC, Financial Planning

Lime FS shuts robo-advice arms

Lime FS robo-advice

The robo-advice arms of Lime FS Pty Ltd have been voluntarily closed amid compliance issues raised by the corporate regulator.

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ATO, Pensions

TBAR hampered by lack of real-time data

real-time data transfer balance

The lack of real-time data from the ATO about the transfer balance account (TBA) is hampering the ability of SMSFs to manage pension transfers.

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ASIC, Financial Planning

Adviser sentenced to 12-year prison term

ASIC fraud Jayaweera Growth

A former Brisbane-based adviser has been sentenced to 12 years’ imprisonment for stealing almost $6 million of his clients’ funds.

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Accounting, Investments

Treat investment strategies as product advice

investment strategy financial product

Accountants should treat investment strategies as financial products and be guarded in their advice about them to avoid legal missteps, an SMSF lawyer has claimed.

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ASIC, Financial Planning

Ex-adviser to face dishonesty charges

dishonest conduct SMSF clients

Twelve charges relating to dishonest conduct regarding SMSF clients have been brought against a former financial planner.

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Superannuation

SMSF sector nears new milestone

SMSF sector growth

Growth in the SMSF sector in the June quarter has pushed the number of funds to 600,000 with 35 to 44 year olds holding the largest proportion of new funds.

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ATO, Regulation

ATO to include SMSFs in real-time reporting

Real-time reporting ATO SMSFs

The SMSF sector will be part of the ATO’s move towards real-time reporting and until SMSFs are included, employers will be adversely affected, an SMSF expert says.

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ATO, Regulation

In-specie contributions not a NALE loophole

In-specie contributions NALE

The new non-arm’s-length expenditure provisions will still apply to situations where an in-specie contribution has been used to bridge the difference between the purchase price and market value of an asset acquired by an SMSF.

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Compliance, Financial Planning

Impact of code monitoring shift minor

code monitoring associations standards

Financial advice associations have brushed off suggestions a government run disciplinary body would reduce their role but questioned how the body will work.

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ATO

ATO letter campaign boosts trustee awareness

ATO investment trustees awareness

The ATO has yet to consider if it will write to trustees again raising concerns over investment strategies, claiming the current campaign has raised sufficient awareness.

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