News

FASEA, Financial Planning

AFCA cautious on FASEA Code of Ethics

Australian Financial Complaints Authority

AFCA has announced it will take into account ASIC’s facilitated compliance approach to FASEA’s Code of Ethics when applying the new code to adviser conduct from January.

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FASEA, Financial Planning

Code of ethics must be viewed in full

FASEA code of ethics

A senior consultant has advised practitioners they must look at the Financial Adviser Standards and Ethics Authority (FASEA) Code of Ethics as a whole when determining their compliance procedures in relation to it.

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Accounting, Financial Planning, Superannuation

Advice bodies join accountant licensing discussion

accountant licensing SMSF advice

The major accounting and advice bodies have entered into joint discussions on reforming the licensing regime for financial advice related to SMSFs, according to the Institute of Public Accountants.

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ATO, Superannuation

Personal use provisions can address NALE costs

personal use NALE

Existing tax rules around the private use of business resources could offer a simple solution to non-arm’s-length expenses inside an SMSF.

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ASIC, Compliance

ASIC exposes fee disclosure issues

ASIC report financial advice

A new ASIC report has revealed consumers receiving financial advice could be in receipt of incomplete information about their fees and being charged fees even after the relevant arrangements have been cancelled.

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Financial Planning

New forum for FPA members

FPA forum

A new online discussion forum has been developed by the Financial Planning Association and made available for its members.

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Property

Duty, land tax changes have trust implications

Duty and land tax changes have trust implications

The State Revenue Legislation Further Amendment Bill 2019 (NSW) may impact on discretionary trusts holding residential property in NSW despite not yet being law, a specialist legal firm says.

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Superannuation

Super could push ASX capacity

ASX capacity

The capacity of the Australian Securities Exchange could be seriously challenged by superannuation monies, according to analysis performed by a major accounting firm.

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ATO, Investments

ATO cannot scrutinise chosen investments

SMSF investment strategies

The ATO does not have powers to assess investments but trustees need to ensure they match documented strategies, an SMSF service provider has warned.

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LRBA, Property

Unit trusts a good LRBA alternative

Non-geared unit trust

Non-geared unit trusts are a smart alternative for trustees with concerns about LRBAs, an SMSF administrator says.

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