News

Superannuation

Industry bodies back Labor’s retirement reform

The Association of Superannuation Funds of Australia (ASFA) has welcomed the federal opposition’s announcement of a package of proposed reforms to improve retirement outcomes for women.

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Investments

Online ethical adviser offers responsible investing

A new online ethical investment adviser is offering SMSFs ethical investment portfolios that provide diversification and a fixed fee model to align with their personal values and financial goals.

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Accounting, ASIC

ASIC provides insurance product relief

The Australian Securities and Investments Commission (ASIC) has remade Class Order Group Purchasing Bodies to extend relief to holders of limited Australian financial services licences (AFSL) so they are exempt from needing to hold a full AFSL in order to purchase group insurance products for their clients.

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Administration, Compliance, Superannuation

Admin system needs to be TSB record

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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ATO, Retirement

ATO aware of schemes targeting older SMSFs

The tax office has revealed it is seeing instances of schemes and spruiking aimed at SMSFs nearing retirement phase to access their funds early, demonstrating the need for and role of professional advice.

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Accounting

Accountants’ exemption unlikely to return

It is highly unlikely the accountants’ exemption will be reinstated, particularly given the recent reports on SMSF advice and revelations at the banking royal commission, according to an industry expert.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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Administration

Midwinter integrates with Class

Midwinter Financial Services today announced its integration with Class, allowing users of both platforms to sync and replicate portfolios from the SMSF administration provider into the financial advice tech firm’s AdviceOS.

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ASIC

Kell to depart ASIC

Peter Kell today announced his resignation as deputy chair of the Australian Securities and Investments Commission (ASIC), effective 6 December, after seven years of service.

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Financial Planning

Planners win statutory declaration rights

The Financial Planning Association (FPA) has secured recognition for financial planners and advisers as additional categories of people who are authorised to witness a commonwealth statutory declaration.

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