News

Regulation

Advisers, SMSFs ignorant about MiFID II

Many advised and unadvised SMSFs as well as adviser groups remain in the dark on the requirements around the incoming Markets in Financial Instruments Directive (MiFID II) regulatory regime, including being unaware of what a legal entity identifier (LEI) is.

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ATO

ATO reminds SMSFs of practical considerations

Months and dates shown on a calendar whilst turning the pages

The regulator has underscored three key areas for SMSFs to review and assess well before the end of 2017.

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Business News

Optimo introduces SMSF platform feature

Specialist financial modelling provider Optimo Financial has now included insurance bonds in its Pathfinder Online platform driven by client demand.

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Business News

Tax professional resource hub launched

The Tax Institute has launched the “Grow Today. Master Tomorrow.” initiative to give tax professionals access to key resources and up-to-date information on the profession.

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Compliance

BGL adds two actuarial certificate providers

BGL Corporate Solutions has released two additional actuarial certificate providers to its Simple Fund 360 software.

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Retirement

Importance of family trusts increases

Family trusts are increasingly being used for retirement planning purposes since the government’s changes to superannuation, but must still be regularly updated to work with changes to the law and family circumstances.

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Documentation

Unsigned, undated deed updates overlooked

SMSF trustees should check their latest SMSF deed to ensure it is properly dated and signed as unsigned or undated deeds can result in the fund being non-compliant, an SMSF specialist adviser has warned.

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Regulation

Downsizer, First Home Super Saver laws passed

Parliament has legislated the downsizing measure that will allow older Australians to contribute the proceeds of the sale of their family home to super, and the First Home Super Saver Scheme (FHSSS) where first-home buyers can save for a deposit inside their super fund.

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Documentation

Change of trustee a negligence risk

An SMSF change of trustee document could be a “time bomb” if not properly drafted by a lawyer, due to the numerous hurdles to overcome in order to ensure a valid removal and alteration.

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Investments

Stake opens US access with SMSFs in mind

Fintech platform Stake has announced the beta launch of Stake Premium, which will provide SMSF investors with direct access to United States share trading without charging any trading fees or commissions.

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