News

Compliance, financial advice

Set-up advice leads to banning

FSCP Financial adviser banned SMSF ASIC

A financial adviser has been slugged with a registration ban by a panel of peers for acting inappropriately when providing advice to a client on the suitability of establishing an SMSF.

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financial advice, Financial Planning

New adviser class insulting to sector

Financial advice qualified advisers Stephen Jones QAR IFPA

A proposal to create a new class of financial adviser is an insult to those who have attained high-level qualifications and the government should reconsider its plan.

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Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

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SMSF, SMSFA, Tax

Div 296 tax impact on farms refuted

SMSF Association ASFA farms $3 million superannuation earnings tax

The SMSF Association has rejected claims few farms in SMSFs will be affected by the proposed superannuation earnings tax as the assertion is based on incorrect ATO data.

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ATO, Regulation, SMSF

ATO bans more SMSF trustees

ATO SMSF trustee disqualification

The ATO has taken action against a further 223 trustees, bringing the total number of disqualified trustees close to 600 for 2023.

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ETFs, Investments

Betashares adds geared bond funds

Betashares geared funds Australian government US Treasury bonds

Betashares has released four funds allowing investors to manage their interest rate risk and speculate on the future of Australian and US government bond prices.

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financial advice, Financial Planning

Govt to create new advice class

Quality of Advice Review QAR financial advice qualified advisers Stephen Jones Angus Taylor

In an effort to meet the need for financial advice, the government will allow financial institutions to provide it through in-house advisers with lower education standards than those in the current advice regime.

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financial advice, Legislation

Mixed reception to govt advice plan

Quality of advice review Qualified advisers financial advice Stephen Jones

The industry has praised the government for proposing to implement outstanding QAR recommendations, although there are concerns about the quality of the advice that may be provided.

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Auditing, financial advice, Residential Property

No special action for related-party leases

SMSF residential property related party lease rental agreement

Rental arrangements for SMSF properties involving related parties need not be managed any differently to commercial lease agreements.

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Administration, ATO, SMSF, SMSFA

Rollover delinking process extended

ATO SuperStream SMSF rollover wind up Client-to-agent linking service

The ATO has revised its protocols regarding the agent-to-client linking service for SMSFs, adding an extended window for practitioners and trustees to delink in the event of a rollover.

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