News

ASIC, Compliance

ASIC releases code of ethics guidance

The Australian Securities and Investments Commission (ASIC) has issued guidance on its proposed approach to approving and overseeing compliance schemes for advisers, and how it expects a scheme to operate on an ongoing basis.

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ATO, Regulation

ATO must deliver NALI guidelines

The ATO should provide the industry with official guidelines spelling out the difference in internal transactions under the new non-arm’s-length income (NALI) rules once they are passed into law, a technical expert has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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Retirement, Strategy, Superannuation

Impact of death on total super balance

The 1 July 2017 super reforms introduced yet another new term to the super lexicon – total superannuation balance (TSB). This is more or less defined as everything (accumulation accounts, pensions, defined benefits) an individual has in the superannuation system at a particular point in time across all of their super funds.

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Accounting, Financial Planning

Multidisciplinary firms outperforming accountants

New research has revealed multidisciplinary accounting practices have a larger number of SMSF clients and have greater profitability growth, with the shift away from pure accounting specialists expected to continue.

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Accounting, Strategy

SMSF exit plans a sleeper issue

Accountants and advisers who have clients with real business premises in their SMSFs should consider restructuring the premises before the death of members to ensure a smooth SMSF exit plan, according to an industry consultant.

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Compliance, Pensions, Strategy

Disregarded small fund asset awareness needed for ECPI

Financial advisers and their SMSF clients need to consider the new rules pertaining to disregarded small fund assets when assessing whether an actuarial certificate will be needed to claim exempt current pension income (ECPI), an industry technical expert has said.

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Property

AMP exits SMSF property lending

Financial services giant AMP has joined the big four banks in discontinuing SMSF property lending.

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Property, Retirement, Strategy

SMSFs warned on retail property sector

Small and medium-sized enterprises (SME) involved in retail should use extra caution about using their SMSF to buy their business premises due to concerns about falling income returns, a specialist commercial property lender has said.

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ATO, Compliance, Management

Trustee motivation on ATO’s radar

Hostplus; SMSF; investment

The tax office has flagged it will continue to monitor the establishment of SMSFs and will closely focus on the motivations of trustees during the registration process to ensure they are clear on their intentions with the fund.

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