ASIC adviser levy impacting licensing decisions by accountants
Miranda Brownlee
With the ASIC adviser levy adding yet another expense to the cost of providing advice services, it has caused some accounting firms to recon
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ASIC disqualifies 3 SMSF auditors in major swoop
ASIC has disqualified three SMSF auditors and imposed conditions on a further 14 following concerns it had relating to independence, auditin
Law firm loses appeal against SMSF in contract clause case
A law firm has lost an appeal in the NSW Court of Appeal against an SMSF in a case relating to a clause in a contract for the purchase of la
Accountants urged to do FASEA exam to ‘keep the door open’
Accountants who are still on the fence about licensing or only recently decided to exit the licensed advice space should still undertake the
ATO set to release guidance on SMSF property development
The ATO will soon be releasing a Regulator’s Bulletin on SMSF property development which is likely to be an intervention by the regulator
ATO flags tax return inclusions for legacy pensions
The ATO has reminded SMSF members who receive capped defined benefit income streams on what they need to include when preparing their indivi
ATO overhauls disclosure of SMSF admin penalties
The ATO is reshaping the way it discloses headline administrative penalties to SMSF trustees so that amounts which may be remitted are provi
FASEA approves RPL credits for CPA, CA ANZ designations
The standards authority has today approved applications by CPA and Chartered Accountants Australia and New Zealand to have the coursework fo
Contravention report changes to impact SMSF auditors
The auditor contravention report has been updated following reforms to whistleblower protection laws which will have implications for SMSF a
ATO releases ‘welcome guidance’ on death benefit income streams
The ATO has provided guidance on what action SMSF trustees should take where they have failed to meet the minimum pension payment requiremen
ASIC cancels AFSL over failures with licensee obligations
Following earlier breaches relating to superannuation and insurance advice in 2017, ASIC has cancelled the licence of a Melbourne advice fir
ATO contacts 50,000 SMSFs in late-lodgement swoop
The Tax Office has written to over 50,000 SMSFs over the past year in relation to overdue lodgements, warning them its next step will be to
Hundreds of SMSFs cancelled over illegal early release
The ATO has cancelled the registrations of over 600 funds in the 2019 financial year after its risk models identified instances of illegal e
ATO reveals findings on misuse of auditor numbers
After contacting 5,446 SMSF auditors with a list of funds that had used their auditor number, the ATO said it has detected over a thousand i
Dealer group appoints regional business manager
A financial planning dealer group has appointed an SMSF accountant and adviser as regional business manager for NSW and Queensland.
ASIC takes action against licensees over AFCA membership
The corporate regulator has cancelled or suspended the licences of four financial services licensees who had not obtained an AFCA membership
ATO updates guidance on conversion of TRISs
The ATO has released updated guidance on transition to retirement income streams which provides further clarification on whether a TRIS can
1 in 5 SMSFs consider winding up fund
Around one in five SMSFs have considered winding up their SMSF in the past 12 months and moving to either a retail or industry fund, accordi
‘Complex and unforgiving’: SG regime in need of overhaul
The complexity of the SG regime is leading to inadvertent errors and severe penalties for employers and is need of a review, says an industr
Bank-owned super fund facing class action over advice fees
A law firm is planning to bring a class action against NULIS Nominees, the trustee company of the MLC Super Fund, in relation to advice fees
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