News

Accounting

Accountants can’t ignore FASEA repercussions

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

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

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

A man and a woman read a map.

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

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

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

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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

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

A man stands before a large rock.

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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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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