News

Accounting

Merry Christmas

The team at selfmanagedsuper would like to wish all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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ASIC, Compliance, Documentation

Best interest duty unwieldy for advisers

A report from the corporate regulator saying advisers did not demonstrate compliance with the best interest duty in relation to SMSF advice in 91 per cent of the cases reviewed indicates the cumbersome nature of the best interest duty rather than poor advice, according to Lime Actuarial.

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Compliance, Property

SuperConcepts integrates with CoreLogic

SuperConcepts has added property data firm CoreLogic’s PropertyHub to its Connected Services portal for all SuperMate software trustee and SMSF administration clients.

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ATO, Superannuation

ATO issues LCRs relating to legal amendments

The ATO today published two new law companion rulings (LCR) on its legal database addressing legislative amendments currently being considered by the federal parliament.

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Accounting, Retirement, Superannuation

Work test rules intricacies require attention

It is vital for advisers and accountants to be cognisant of the interplay between the bring-forward rules, work test exemption and downsizer contributions, an SMSF expert has said.

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Education, Regulation

SMSFA calls for FASEA CPD obligations fine-tuning

The SMSF Association has identified certain Financial Adviser Standards and Ethics Authority (FASEA) requirements pertaining to continuing professional development (CPD) for advisers it feels need amending.

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ATO, Auditing

ATO stresses asset valuation importance

The ATO has published an article reinforcing the need for auditors to verify asset values in the financial statements of an SMSF.

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ASIC, Education, Regulation

Industry bodies sign code monitoring agreement

Six major financial planning/advice sector professional bodies, including the SMSF Association, have signed a cooperation agreement to develop a code monitoring solution for their members.

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ASIC, Superannuation

AFSL cancelled for conflicts of interest

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of Evermore Money Management for failing to comply with several licensee obligations and manage conflicts of interest.

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Investments, Regulation

High price we all pay for questionable practices

The royal commission into misconduct in banking and financial services is the judicial inquiry we had to have. Everyone agrees, even the coalition government that fought tooth and nail to prevent it. Today there isn’t a politician in the land who’s not lauding what the inquiry has unveiled.

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