News

Administration, Retirement

The topsy-turvy world of ECPI

While the new rules for pension fund tax exemptions (exempt current pension income or ECPI) have now been in place for over 12 months, the first few 2017/18 income tax returns are now being prepared and lodged. As always, real client cases illustrate best that the new world is very different from the old.

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Accounting, Education, Financial Planning

FASEA under fire for not providing course notes

Accounting services provider AccountantsIQ has admonished the Financial Adviser Standards and Ethics Authority (FASEA) over its intention not to provide preparation materials for the financial adviser examination, arguing this defies the purpose of the exam.

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Accounting, Financial Planning, Practice Management

Accountants still regard advice as sales

Accountants looking to broaden their services into advice, particularly for SMSF clients, are still put off by the selling aspect of a financial adviser’s role, an industry licensing expert has revealed.

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Regulation, Superannuation

Treasury releases updated SG draft

Treasury today released an exposure draft of the updated Superannuation Guarantee (Administration) Regulations 2018 as the 1993 iteration is scheduled to sunset on 1 October 2018.

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Investments, Strategy

No substitute for bonds

Let’s face it: cash is still king with Australian investors. This was once again confirmed in the recent Vanguard/Investment Trends SMSF study showing cash makes up nearly one-quarter of investor portfolios.

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Administration, Compliance

Accountants, trustees doubling up on TBAR

Instances of transfer balance account report (TBAR) duplication by SMSF trustees and their accountants are occurring, indicating a lack of communication between the two parties, according to Class.

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Education

Calls for FASEA to recognise prior learning

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The Financial Adviser Standards and Ethics Authority’s (FASEA) proposed education standards fail to outline how prior learning will be recognised for existing advisers as they transition to the new requirements, according to an industry body.

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Regulation, Superannuation

Treasury releases SMSF SuperStream draft laws

Treasury today released its exposure draft to amend the Superannuation Industry (Supervision) Regulations 1994 (SISR) to extend the operation of SuperStream to capture SMSFs, with the consultation period now open.

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Accounting, Education

Limited AFSLs may be caught by full FASEA regime

The Financial Adviser Standards and Ethics Authority’s (FASEA) new education and training standards paint a challenging picture for practitioners, particularly those who provide predominantly SMSF advice under a limited licence, an industry executive has said.

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Investments

SMSFs look for yield in mortgage loans

Specialist commercial property lender Thinktank is seeing a nascent market among SMSF trustees for mortgage loans through its two investment trusts.

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