News

Compliance

Trustees must exit after bankruptcy

SMSF trustees who have entered into voluntary bankruptcy must be aware they cannot continue to act as a trustee or director of a corporate trustee of an SMSF, a law firm has warned.

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ETFs

New active ETF to deliver strong income

InvestSmart Group debuted its first listed fund – an active exchange-traded fund (ETF) aimed at delivering income to investors without sacrificing capital gains – on the Australian Securities Exchange (ASX) today.

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Investments

Chinese projects to benefit infrastructure

A recent pick-up in activity for the Chinese government’s interlinking trade deals and infrastructure projects could offer long-term opportunities for investors, according to a specialist global listed infrastructure manager.

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Auditing

New audit cycle could lift illegal early access

Exclamation marks as warning signs against over-reporting information to ATO

The current oversight around preservation age and conditions of release made by SMSF trustees will only worsen with the introduction of triennial audits for cleanskin funds, an industry auditor has warned.

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ETFs

Robo, AI ETF hits $100m

ETF Securities Australia has reported its Robo Global Robotics and Automation exchange-traded fund (ETF) has achieved inflows of $100 million just nine months after its launch.

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Regulation

Urgent call to action on elder abuse laws

Australian banks, along with seniors groups and the Financial Services Union (FSU), have called on lawmakers to proceed with laws for suspected elder financial abuse.

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Business News

AFCA appoints chief ombudsman

The Australian Financial Complaints Authority (AFCA) has named Australian Charities and Not-for-profits Commission (ACNC) charity services assistant commissioner David Locke as its chief ombudsman and chief executive.

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Regulation

ASIC begins civil proceedings against Westpac

The Australian Securities and Investments Commission (ASIC) has begun civil penalty proceedings in the Federal Court against Westpac in relation to poor advice provided by one of its former financial advisers.

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Regulation

Licensing rules curb pension advice

Financial planners will be limited in providing advice on the pension loans scheme (PLS) unless they are adequately licensed, a specialist aged-care expert has warned.

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Superannuation

Considering alternative distribution structures

The introduction of the $1.6 million transfer balance cap and the reduction in contribution caps mean many clients need to consider structures outside of super for the distribution of wealth via their estate plans.

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