News

ASIC

ASIC to track end of grandfathered remuneration

ASIC grandfathered remuneration

ASIC will investigate the industry’s progress as it moves to end grandfathered remuneration arrangements for financial advisers by the 2021 deadline.

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Education, FASEA

FASEA list of approved degrees not absolute

FASEA approved degrees

A relevant degree can earn practitioners education credits under the new FASEA regime, even if it is not on the official list of approved degrees to date, according to a technical expert.

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Administration, ATO

ATO ends use of spreadsheet TBARs

spreadsheet TBARs

SMSF advisers will be forced to use online tools to lodge transfer balance account reports after the ATO announced it will no longer accept spreadsheet-based reports after 31 October.

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Compliance, Superannuation

Trustees reminded to self-report SMSF breaches

SMSF trustees contraventions ATO

The ATO has given SMSF trustees a reminder to self-report any contraventions, but also to be prepared to come with solutions when seeking its help.

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ATO

ATO addresses excess NCC determination issue

excess non-concessional contributions determinations

Excess non-concessional contributions determinations issued in error are currently being addressed by the ATO.

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Compliance, Investments

Investment strategies doing bare minimum for SMSFs

SMSF investment strategies compliance

Investment strategies are being used to meet compliance hurdles and not fund member outcomes, despite clear guidance being provided on their use.

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Compliance, FASEA

Govt progresses new adviser disciplinary body

new adviser disciplinary body

Advisers will fall under a new single body tasked with their registration and discipline as the government pushes further ahead with its responses to last year’s royal commission.

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FASEA

Industry bodies make code monitoring solution submission

FASEA code monitoring

The six associations making up Code Monitoring Australia have made a submission to the Australian Securities and Investments Commission to establish a service to monitor and enforce the Financial Adviser Standards and Ethics Authority code of ethics program.

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Administration, ATO

Advisers warned to hold off on servicing own funds

SMSF non-arm's length income

SMSF advisers should wait for clarification as to whether managing their own fund’s affairs will be captured by changes to the non-arm’s length income regime.

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Commercial Property

Commercial property still a win for SMSF investors

commercial property SMSF investors

Commercial property will remain a good option for investors seeking a balanced investment strategy despite improved prospects within the residential property market, a specialist property lender says.

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