News

Superannuation

Super hampered by misleading fee reporting

Actuarial firm Rice Warner has warned the superannuation industry is fraught with incorrect and misleading commentary on the level of fees for super funds, saying the focus should be on value.

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Education, Financial Planning

Mentor demand a boost for mature-age advisers

Despite the continued negative predictions for mature-age advice practitioners, their expertise and skills are in demand to fulfil new and emerging roles as the industry transitions into the post-Future of Financial Advice and post-royal commission era.

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Financial Planning, Superannuation

Alternatives to super now a crucial discussion

SMSF practitioners need to be able to articulate other structures outside of superannuation to their clients as the limitations of the super environment may no longer deliver the best outcome for their retirement.

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ATO, Property

Advisers should fend off property spruikers

Property spruikers are targeting the retirement savings of SMSF trustees struggling to enter the housing market by promoting the purchase of property through an SMSF and advisers must act to discourage this behaviour, according to the ATO.

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Auditing

Auditors should stay with annual cycle

A specialist lawyer has suggested a statement contained in the discussion paper addressing the proposal allowing certain SMSFs to move to a three-yearly audit cycle gives practitioners the opportunity to continue to solely provide annual auditing services.

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Superannuation

PC report courageous, surprising: SMSF Association

SMSF Association chair Dr Deborah Ralston has labelled the Productivity Commission’s (PC) findings into SMSFs as surprising, given it acknowledged the difficulties in comparing the performance of Australian Prudential Regulation Authority (APRA)-regulated super funds and SMSFs.

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ASIC, Auditing

ASIC disqualifies SMSF auditor

The corporate regulator has disqualified a Queensland SMSF auditor from being an approved auditor for breaching independence requirements.

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Financial Planning, Strategy

Aussiegolfa case sends advice warning

The full court of the Federal Court’s ruling in favour of the appellant in Aussiegolfa Pty Ltd (Trustee) v Commission of Taxation should be seen as a sign for advisers to take care over recommending certain strategies to SMSF clients, a sector lawyer has said.

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Investments

SMSF interest in impact investing unclear

Impacting investing may have traditionally been the domain of institutional investors, but it is retail investors and individuals who are now driving growth, according to asset manager State Street Global Advisors (SSGA).

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Accounting, Financial Planning

IPA examining accountants’ exemption options

The Institute of Public Accountants (IPA) today announced it is seeking member feedback on advocating for a return of the accountants’ exemption to provide advice related to SMSFs.

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