News

Investments

Investors begin exploring offshore options

Australian investors are expected to continue reducing their cash and property exposures this year in order to include offshore investment opportunities in their portfolios, according to Citi Australia.

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Auditing

ASIC disqualifies NSW SMSF auditor

The Australian Securities and Investments Commission (ASIC) has disqualified a New South Wales SMSF auditor for breaching fundamental independence requirements.

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Accounting

Segregating in SMSFs after 1 July 2017

The post-1 July 2017 world of segregation will certainly create some new challenges. Perhaps most importantly it will be vital that accountants know whether the members have money in other superannuation funds before assuming a fund can ever be segregated.

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Regulation

TPB defines inadequate outsourcing risks

The Tax Practitioners Board (TPB) has warned registered tax practitioners that inadequate procedures and policies in relation to their outsourcing or offshoring arrangements could breach its Code of Professional Conduct.

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Investments

Inflation, market volatility set to reappear

Financial advisers should prepare for the return of inflation and market volatility in 2018 as cyclical forces gain the upper hand over structural trends, according to investment manager Vanguard.

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Accounting, Management

Estate planning flexibility needed for TBC

SMSF trustees run the risk of unnecessarily exiting money from the tax-effective superannuation environment as a result of rigid estate planning policies in the current transfer balance cap (TBC) environment, a specialist document provider has warned.

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Compliance

TPB defines inadequate outsourcing risks

The Tax Practitioners Board (TPB) has warned registered tax practitioners that inadequate procedures and policies in relation to their outsourcing or offshoring arrangements could breach its Code of Professional Conduct.

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Documentation

BDBN digital signature law a grey area

The nib of an ink pen.

It is impossible to sign and witness binding death benefit nominations (BDBN) electronically under current legislation, according to a law firm.

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Compliance

SMSF trust deeds obsolete

SMSF trust deeds in their current form are obsolete and should instead enable tailoring and flexibility as certain funds face ambiguous enduring power of attorney (EPOA) and binding death benefit nomination (BDBN) issues, an industry lawyer has said.

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Documentation

Platforms present CGT relief issues

A technical expert has identified a possible problem with the information kept and made available to SMSFs by platform and wrap providers regarding the data needed if a particular fund has opted to take advantage of the capital gains tax (CGT) provisions contained in the super reforms.

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