News

Accounting

Accountants’ exemption unlikely to return

It is highly unlikely the accountants’ exemption will be reinstated, particularly given the recent reports on SMSF advice and revelations at the banking royal commission, according to an industry expert.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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Administration

Midwinter integrates with Class

Midwinter Financial Services today announced its integration with Class, allowing users of both platforms to sync and replicate portfolios from the SMSF administration provider into the financial advice tech firm’s AdviceOS.

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ASIC

Kell to depart ASIC

Peter Kell today announced his resignation as deputy chair of the Australian Securities and Investments Commission (ASIC), effective 6 December, after seven years of service.

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Financial Planning

Planners win statutory declaration rights

The Financial Planning Association (FPA) has secured recognition for financial planners and advisers as additional categories of people who are authorised to witness a commonwealth statutory declaration.

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Accounting, Financial Planning, Investments

Accountants should offer whole-of-wealth services

Accountants need to lead the conversation on working more closely with financial planners and expanding their wealth accounting skill set to work on a whole-of-wealth basis, according to Class.

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ATO, Superannuation

ATO consulting on SuperStream verification

The ATO is looking to roll out its member verification service to ensure secure transfers in late 2019 as part of the extension of SuperStream to SMSFs.

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Superannuation

Greater transparency in SMSFs inevitable

The plethora of changes affecting SMSFs is expected to continue, with transparency a certain and imminent development in the sector, according to the SMSF Association.

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Investments, Property

Property allocations to continue to drop

SMSFs are reducing exposure to property in their portfolio asset allocations, reflecting wider trends in the property downturn in the Sydney and Melbourne markets, new analysis has found.

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Financial Planning, Insurance

Advice vital in insurance decisions

It is crucial for SMSFs to seek professional advice when making decisions on insurance within their fund to competently navigate the insurance minefield, according to wealthdigjtal.

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