News

Compliance, Death benefits, Superannuation, Tax

Non-cash payouts can be a great solution

ATO Death benefit member benefit Superannuation benefit Redemption of investments

A recent ATO private ruling regarding death benefits could have had a different outcome if an alternate redemption process had been used.

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financial advice, Legislation

Adviser class name may change

Financial advice QAR Quality of Advice Review Qualified advisers

Concerns from industry and consumers may force the government to change the naming of the new class of financial advisers as part of the QAR reforms.

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financial advice, Legislation

Accountants call for end to adviser exam

Financial adviser exam Quality of Advice Review Chartered Accountants Australia and New Zealand CPA Australia

Two industry bodies have urged Treasury to consider removing the financial adviser exam administered by ASIC.

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Legislation, Regulation

Financial law reform desperately needed

Australian Law Reform Commission ALRC financial services legislation final report

Financial services and corporations legislation is overly complex and in dire need of reform with a government agency recommending widespread changes.

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Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

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Death benefits, Pensions, Tax

$3m super tax pension risk

SMSF Reversionary pension $3m soft cap tax Pension

Reversionary pension beneficiaries may be at risk of an additional tax hit due to a provision contained within the draft legislation for the $3 million soft cap measure.

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Investments, Superannuation, Tax

Invest stage three savings directly

Stage three tax cuts Superannuation Insurance bonds 30 per cent tax $3 million superannuation earnings tax

Superannuants unable to add planned tax savings to their retirement nest egg can invest in their own name and not via investment vehicles to benefit from the revised taxation brackets.

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ASIC, financial advice

Thousands of advisers still unregistered

ASIC Financial Advisers Register FAR Financial Advice Association Australia FAAA

Many financial advisers have yet to fulfil their requirement to register with ASIC, even though the final deadline for registration is just a little over two weeks away.

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ATO, Compliance, LRBA

PCG 2016/5 compliance pleasing

Related parties PCG 2016/5 LRBA ATO Non-licensed financial institutions

The ATO has found the majority of SMSFs with an LRBA sourced from a non-licensed financial institution are obeying the relevant compliance rules.

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ATO, Auditing

Asset charge check impractical

ATO Charge over assets Derivatives SMSF Auditors

Recent ATO guidance regarding checking charges for property assets held by an SMSF may be impractical for auditors and the regulator has missed an opportunity to clarify an emerging compliance risk.

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