News

Regulation, Retirement

Franking credit plan would hit low, middle earners

The Labor Party’s proposal to stop cash refunds of excess franking credits would impact on low and middle-income earners rather than just SMSFs as intended, according to the federal government.

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Compliance, Documentation

Recent court case a spur for EPOA review

SMSF advisers and trustees have been urged to take another look at their enduring power of attorney (EPOA) arrangements following a recent Queensland Supreme Court judgment.

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Investments

Diversification across defensive assets essential

Investor portfolios require a mix of defensive assets as each category has a role to play in today’s market, a boutique fund manager has said.

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Insurance, Tax

Death benefit rollover tax anomaly amended

The federal government has announced it will be amending a legislative irregularity currently enabling death benefits that include life insurance proceeds and are rolled over into an alternative superannuation fund to be taxed.

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ASIC, Auditing

ASIC disqualifies two SMSF auditors

The Australian Securities and Investments Commission (ASIC) has disqualified two Queensland SMSF auditors for breaching independence requirements.

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Financial Planning, Tax

Number of tax advisers increases

The Tax Practitioners Board (TPB) has revealed the registered tax practitioner population and public searches for registered tax agents are on the rise.

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Education, Investments

Lack of education thwarts exposure abroad

The majority of Australian fund professionals believe in the importance of Australian investors increasing their exposure to overseas investments, but believe a lack of education is holding them back.

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ASIC, Auditing

ASIC reports on SMSF auditor enforcements

The Australian Securities and Investments Commission (ASIC) has deregistered, suspended or imposed conditions on 101 SMSF auditors for audit quality and independence issues or on “fit and proper person” criteria since the auditor register began in 2013.

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Accounting, Business News

CAANZ partners with innovation hubs

Chartered Accountants Australia and New Zealand (CAANZ) has unveiled a strategic program to partner with innovation hubs to enable accountants to keep pace with innovation and technology.

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Markets, Superannuation

Stay the course amid volatility: ASFA

Superannuation members who switch to conservative investment options in the face of falling share markets can end up worse off in the long term, the super industry peak body has warned.

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