News

Accountants, trustees doubling up on TBAR

July 17, 2018

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

July 17, 2018

Malavika Santhebennur & Krystine Lumanta

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

July 17, 2018

Krystine Lumanta

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

July 17, 2018

Krystine Lumanta

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

July 17, 2018

Malavika Santhebennur

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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Investments, Markets

New era dawns for Chinese equities

July 17, 2018

Ben Smoker

As China rises as a global economic power, its capital markets are also evolving at a great pace. The combined Chinese equities market, represented by the Shanghai, Shenzhen and Hong Kong stock exchanges, has become the second largest market in the world behind the New York Stock Exchange, totalling more than $12 trillion in market capitalisation as at the end of 2017.

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Compliance, Management

Parallels exist between SMSF, company residency

July 16, 2018

Malavika Santhebennur

The ATO will consider the central management and control of an SMSF to be occurring in Australia if all high-level decisions are made in Australia regardless of where the fund’s directors live, according to a lawyer.

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Investments, Regulation

Managers must deliberate franking ban

July 16, 2018

Krystine Lumanta

Asset managers that offer investments with excess franking credit refunds will need to rethink their offerings and prepare for likely client departures should Labor’s proposed franking ban transpire.

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Appointments

Olivia Long joins advisory firm as MD

July 16, 2018

Malavika Santhebennur

Former SuperGuardian and Xpress Super chief executive and director Olivia Long has been appointed as strategy and operations managing director of national financial services and advisory firm Prime Financial Group’s wealth management and super division.

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ETFs

ETF volatility: truths and misconceptions

July 16, 2018

Kris Walesby

Exchange-traded funds (ETF) are widely attacked every time there’s any sort of volatility in global financial markets. Losing money is never much fun and investors can easily blame someone or something else when it all starts to go pear-shaped.

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