News

Accounting

ASIC updates tax, BAS agents guidance

The Australian Securities and Investments Commission (ASIC) has updated its guidance for accountants who provide SMSF services to cover the exemption from Australian financial services licence (AFSL) requirements for tax and business activity statement (BAS) agents.

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ATO

ATO flags TSB duplication issues

The ATO has released a discussion paper on a currently known issue where an individual’s total superannuation balance (TSB) has duplicated accounts, leading to higher TSBs being displayed for the member.

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Regulation

Royal commission will help lift standards

Grant Abbot

The banking royal commission has exposed the inadequacies of the SMSF advice industry, but should result in stronger enforcement of competency standards, an SMSF expert has said.

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Business News

Plenty Plus unveils white-label service

Online advice firm Plenty Plus has announced its white-label service is now available following strong interest from accountants and planners providing advice under an Australian financial services licence.

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Business News

Heffron, Six Park form partnership

Robo-advice provider Six Park has partnered with Heffron to offer a digitally driven, end-to-end SMSF service and solution.

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Business News

Omniwealth appoints head of SMSF

Superannuation and tax specialist Stephen Hogg has joined wealth advisory group Omniwealth as head of SMSF.

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Compliance

Two-month window for LRBAs: lawyer

SMSF clients who are currently considering entering into a limited recourse borrowing arrangement (LRBA) should seek to settle before 30 June 2018 to minimise the risk of being caught by the federal government’s new Superannuation Taxation Integrity Measures.

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Regulation

Other Aust equities can also generate yield

The importance of capital preservation and diversification for individuals in retirement has been emphasised by the federal opposition’s proposal to change the treatment of imputation credits, an investment manager has said.

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Business News

SISFA partners with Sharequity

The Self-managed Independent Superannuation Funds Association (SISFA) has partnered with Australian equity capital raising platform Sharequity, which connects self-directed investors with companies seeking to raise capital.

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Practice Management

Digital SMSF key to accountant success

Accountants servicing SMSFs have been urged to look at funds in a digital light as digital has become crucial to modern administration.

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