News

Superannuation

Budget brings good news for clients, advisers

Superannuation was not subjected to the glare of the spotlight in last night’s federal budget as strongly as it has been in recent years, however, a collection of smaller changes will still provide opportunities for clients, particularly for those with SMSFs, according to industry executives.

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Superannuation

Government finally adopts SG measure

The 2018 federal budget measure allowing individuals earning in excess of $263,157 a year from multiple employers to nominate a single employer from where super guarantee (SG) contributions will be made has been described by an industry technical expert as a common-sense move that should have been implemented years earlier.

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Auditing

Budget SMSF audit measure will dent business

A 2018 federal budget measure to require SMSFs with a good compliance record to be audited once every three years rather than annually will have a sizeable negative impact on SMSF auditors, an accounting industry body said tonight.

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Superannuation

Budget delivers favourable change for SMSFs

Parliament House, Canberra

Federal Treasurer Scott Morrison’s third budget includes measures considered to have a positive effect on SMSFs and contains no significant tinkering with the superannuation system.

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Business News

ASIC takes action against NSW adviser

The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court against New South Wales financial adviser Graeme Walter Miller following misconduct involving SMSFs.

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Business News

Murray named new AMP chair

AMP has announced David Murray will join its board and lead the redevelopment of governance processes following the banking royal commission’s findings of advice misconduct by the financial services giant.

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ETFs

BlackRock to restructure cross-listed ETFs

BlackRock is proposing to restructure its cross-listed iShares exchange-traded funds (ETF) as Australian funds to reduce administration for SMSF trustees and advisers.

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Business News

ANZ commits to improving financial advice

ANZ has today announced it will begin implementing a range of initiatives to help improve the quality of financial planning and customer remediation when things go wrong.

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Business News

DomaCom crowdfunds mortgage-backed loan

DomaCom Australia today announced the successful completion of a crowdfunding campaign to fund a mortgage-backed loan as the fractional property investment company looks to increase it funds under management (FUM) with these new debt facilities, particularly in the SMSF space.

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Compliance

Losses don’t dictate best interest duty

Advisers need to be mindful that adherence to the best interest duty introduced under the Future of Financial Advice reforms is not solely determined by the financial outcomes of their clients, a compliance specialist has said.

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