News

SMSFA tips continued positive ATO partnership

March 5, 2018

Krystine Lumanta & Malavika Santhebennur

The SMSF Association is looking forward to continuing its successful strategic partnership with the ATO following the announcement Kasey Macfarlane is moving on from her role as the tax office’s SMSF segment assistant commissioner.

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Accounting

Accountants can’t ignore FASEA repercussions

March 5, 2018

Krystine Lumanta

Accounting firms must ensure their financial planner partners, referral arrangements and in-house advisers will meet the Financial Adviser Standards and Ethics Authority (FASEA) requirements, and also consider the wider impact of the incoming education framework.

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Compliance

Draft law unclear on LRBA additional finance

Man looks at a document through a magnifying glass

March 5, 2018

Malavika Santhebennur

The draft legislation outlining how limited recourse borrowing arrangements (LRBA) will impact on total superannuation balances does not provide clarity on what will happen if an SMSF member requires additional finance under the refinancing of current LRBAs.

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LICs

L1 Capital launches LIC

March 5, 2018

Darin Tyson-Chan

Wealth management firm L1 Capital today opened the initial public offering (IPO) for its new listed investment company (LIC), the L1 Long Short Fund Limited.

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Estate Planning

SMSFs delay estate planning until incapacity

March 1, 2018

Malavika Santhebennur

SMSF trustees are postponing their estate planning until they experience loss of capacity, by which time it might be too late, according to Australian Unity.

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Residential Property

SMSFs not a property market mover

March 1, 2018

Malavika Santhebennur

SMSFs investing in residential housing have not been a market mover in the property sector, and this portrayal was just one example of how the SMSF sector is being “unfairly targeted”, according to the SMSF Association.

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Succession Planning

Start business succession dialogue ASAP

March 1, 2018

Krystine Lumanta

Advisers and accountants should commence conversations about business succession much earlier in the cycle in order to implement and execute the transition and their wishes as intended.

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ATO

ATO compliance action penalties for SMSFs

March 1, 2018

David Oon & Gary Chau

This article looks at the actions and penalties the ATO can impose on trustees of SMSFs. In 2014, a new regime added the following compliance powers to the ATO’s arsenal.

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Business News

Inaugural chair appointed to AFCA

March 1, 2018

Malavika Santhebennur

The federal government will appoint former Howard government cabinet minister Helen Coonan as the inaugural chair of the Australian Financial Complaints Authority (AFCA).

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Regulation

Set education bridging courses in stone: FPA

February 28, 2018

Malavika Santhebennur

The Financial Planning Association (FPA) is urging the Financial Adviser Standards and Ethics Authority (FASEA) to provide certainty on bridging courses under the new education framework before the consultation period closes on 29 June.

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