News

Financial Planning

Henderson found to have breached FPA code

The Financial Planning Association of Australia’s (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found former financial services executive Sam Henderson breached the FPA’s Code of Professional Practice.

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Financial Planning, Retirement

Retirement confidence remains lacklustre

Two-thirds of Australians lack confidence about their finances in retirement, driven by higher living costs and uncertain times, according to a survey.

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ATO, Superannuation

ATO flags unavailability of super services

The tax office has advised that some of its superannuation services are temporarily unavailable while it implements changes.

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ATO, Regulation, Residential Property

Aussiegolfa must not prompt related-party dealings

The ATO’s decision not to seek special leave to appeal the full Federal Court decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation in respect of the sole purpose test should not offer SMSFs comfort in thinking they can lease residential property to related parties, a financial planner has warned.

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Investments

Certainty, convenience key to winning SMSFs

As the SMSF market reaches maturation phase, service providers in the space must recognise two major underlying needs trustees have in order to grow and sustain business, a research executive has said.

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ASIC, Education

ASIC delays reporting dates for adviser reforms

The Australian Securities and Investments Commission (ASIC) today released a new legislative instrument relating to the professional standards reforms for financial advisers.

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Retirement, Superannuation

New contribution opportunities for recent retirees

On 2 October, Treasury released draft regulations to implement the 2018 federal budget announcement that the ability to make contributions would be extended for recent retirees. These are currently available for consultation (with the consultation period to end on 26 October) and, assuming no issues emerge, they would be expected to become law shortly thereafter and take effect, as planned, from 1 July 2019.

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ATO, Compliance, Strategy

ATO flags multiple SMSFs issue

The ATO has revealed it is examining the use of multiple SMSFs to manipulate tax outcomes as a new emerging matter.

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Education

FASEA education elements causing SMSFA angst

The SMSF Association has highlighted specific educational requirements proposed by the Financial Adviser Standards and Education Authority (FASEA) as further areas of concern it has for the advice industry.

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Investments, Regulation

Fund manager calls for franking credit refund cap

A fund manager has proposed the implementation of caps on maximum franking credit refunds per person as an alternative solution to scrapping the refunds altogether.

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