News

financial advice, Financial Planning, SMSF

Advice-related complaints surge

Complaints to AFCA regarding investments and advice jumped in the last financial year, with a significant number relating to the use of SMSFs.

Complaints to AFCA regarding investments and advice jumped in the last financial year, with a significant number relating to the use of SMSFs.

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ASIC, Compliance, financial advice, Financial Planning

ASIC bans UGC, Shield-linked adviser

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

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Administration, Compliance, Legislation, Regulation

ATO reveals common admin errors

Common errors trustees are making with regard to SMSF annual returns have been recognised and revealed by the sector regulator.

Common errors trustees are making with regard to SMSF annual returns have been recognised and revealed by the sector regulator.

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Appointments, SMSFA

SMSF Association boosts tech team

The SMSF Association has bolstered its technical team with a new appointment to assist members through the current period of change and reform.

The SMSF Association has bolstered its technical team with a new appointment to assist members through the current period of change and reform.

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Auditing, Compliance, Documentation, Legislation, Regulation

Flag deed chain problems in audit

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

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ASIC, Compliance, Investments, Legislation

Seventh Shield-linked adviser banned

A financial adviser from a licensee that has had six practitioners banned has met the same fate over advice to invest in the Shield Master Fund.

A financial adviser from a licensee that has had six practitioners banned has met the same fate over advice to invest in the Shield Master Fund.

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Auditing, Compliance

Don’t avoid review recommendation

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

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Auditing, Insurance

Auditor PI should cover all action

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

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Pensions

Australia ranks lower on pension index

It has been recommended Australia focus on the retirement phase of its superannuation system as much as it does on the accumulation interests.

It has been recommended Australia focus on the retirement phase of its superannuation system as much as it does on the accumulation interests.

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ATO, Compliance, SMSF, Tax

The focus on lifestyle assets

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

The ATO has a lifestyle data-matching program it is using to ensure SMSF compliance requirements applying to these items are being satisfied.

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