News

Pensions, Retirement

Morrison dumps plan to raise pension age to 70

The Association of Superannuation Funds of Australia (ASFA) has welcomed Prime Minister Scott Morrison’s announcement today that the government will scrap a proposal to lift the age of eligibility for the age pension beyond 67 years.

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Appointments, Financial Planning

Stuart Robert to oversee financial services

Treasurer Josh Frydenberg has announced the treasury portfolio arrangements for Prime Minister Scott Morrison’s government.

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ASIC

Court EU slapped on ex-MyPlanner adviser

The corporate regulator has accepted a court-enforceable undertaking (EU) from a former adviser at independently owned financial planning group MyPlanner Australia, prohibiting him from providing advice for three years.

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Retirement, Strategy, Superannuation

Transfer balance cap catches

If there’s something all laws have in them, it’s unintended consequences. The introduction of the transfer balance cap (TBC) is no exception. It’s got them, just like fleas on a dog’s back.

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LRBA

Time ticking on LRBAs

The future is very bleak for limited recourse borrowing arrangements (LRBA) and borrowing within SMSFs, with a number of factors providing the final nails in the coffin, according to a lawyer.

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Auditing

Non-audit years need “light-touch” check-in

The federal government should strongly consider requiring SMSFs using a three-year audit cycle to have a “light-touch” compliance check in the non-audit years should it choose to proceed with its audit proposal, an industry body has argued.

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Financial Planning, Regulation

Likely reform will put advice at risk

Expected financial planning reforms following the revelations from the banking royal commission will restrict advice to those who can afford to pay thousands of dollars in comprehensive advice fees, according to an online advice firm.

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Investments

Selectivity key to disruption opportunities

Investors must exercise a more selective approach to their investments amid the growing opportunities that are emerging in disruptive innovation and the continued uncertainty in global markets, according to Nikko Asset Management.

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Auditing, Regulation

Survey finds lack of support for triennial audits

A new survey of SMSF professionals has found 93 per cent of respondents do not support the proposed three-yearly audit cycle for eligible funds, while 94 per cent believe it would lead to a greater risk of contraventions by trustees.

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Pensions, Regulation

Actuarial certificate regulation will cut red tape

SMSF administrator SuperConcepts has urged Treasury and the federal government to push ahead with a regulation that will prevent SMSFs that only have account-based pensions in their fund from needing to obtain an actuarial certificate if they want to cut costs and red tape.

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