News

Investments, Retirement

Fee impact too significant to ignore

Australia’s investment industry needs to improve its fee transparency as excessive fees, hidden fees and accumulated costs are severely eroding investors’ savings, a digital wealth provider has warned.

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Administration, Compliance

ECPI compliance risk reduced on SMSF software

The latest feature added to SuperMate will allow actuarial certificates to be validated automatically when SMSFs claim exempt current pension income (ECPI), reducing time, costs and exposure to compliance risks.

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ETFs, LICs

ETF industry beats LIC market

The Australian exchange-traded fund (ETF) industry surpassed the value of the listed investment company (LIC) market by around $60 million in September, according to BetaShares.

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ATO, Regulation, Strategy

Court case may spark in-house asset scrutiny

The ATO may become more mindful of SMSFs that lease residential property assets to related entities using smaller trust structures to circumvent in-house asset rules in light of the Aussiegolfa decision, an SMSF expert warned.

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Financial Planning

Henderson found to have breached FPA code

The Financial Planning Association of Australia’s (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found former financial services executive Sam Henderson breached the FPA’s Code of Professional Practice.

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Financial Planning, Retirement

Retirement confidence remains lacklustre

Two-thirds of Australians lack confidence about their finances in retirement, driven by higher living costs and uncertain times, according to a survey.

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ATO, Superannuation

ATO flags unavailability of super services

The tax office has advised that some of its superannuation services are temporarily unavailable while it implements changes.

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ATO, Regulation, Residential Property

Aussiegolfa must not prompt related-party dealings

The ATO’s decision not to seek special leave to appeal the full Federal Court decision in Aussiegolfa Pty Ltd (Trustee) v Commissioner of Taxation in respect of the sole purpose test should not offer SMSFs comfort in thinking they can lease residential property to related parties, a financial planner has warned.

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Investments

Certainty, convenience key to winning SMSFs

As the SMSF market reaches maturation phase, service providers in the space must recognise two major underlying needs trustees have in order to grow and sustain business, a research executive has said.

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ASIC, Education

ASIC delays reporting dates for adviser reforms

The Australian Securities and Investments Commission (ASIC) today released a new legislative instrument relating to the professional standards reforms for financial advisers.

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