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Unlicensed SMSF accountants get clean bill of health

04-May-2018 Krystine Lumanta, Self Managed Super

The corporate regulator’s recently completed assessment investigating unlicensed accountants recommending clients set up an SMSF has found no systemic concerns around the provision of unlicensed SMSF advice.

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ASIC completes review of SMSF advice

04-May-2018 Miranda Brownlee, IFA

ASIC has identified examples of outdated or inaccurate information on websites and promotional material after reviewing SMSF advice by unlicensed accountants.

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ASIC updates licensing guidance for tax and BAS agents

30-Apr-2018 Miranda Brownlee, Accountants Daily

The corporate regulator has updated its guidance for accountants providing SMSF services to cover the licensing exemption for tax and BAS agents.  According to ASIC, the update to Information Sheet 216 sets out some of basic principles in which tax and BAS agents can apply to understand whether their advice falls within the licensing exemption and provides examples to illustrate how the exemption works.

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Self-licensing: ‘not too hard’

23-Apr-2018 Johanna Roberts, Professional Planner

In the thick of the global financial crisis, when other planners were hanging on for dear life, Damien Burns did something both controversial and brave. Burns was a senior adviser with one of the banks, and he moved his clients from an asset-based fee model to a fee-based set-up.

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90% fail rate in ASIC’s SMSF compliance swoop

17-Apr-2018 Katarina Taurian, SMSF Adviser

The Royal Commission has heard nine in 10 SMSF professionals failed to comply with the Corporations Act for SMSF establishment advice, as part of a broader ASIC review of licensees and dealer groups.

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Royal commission hears of Corporations Act failure in SMSF advice

17-Apr-2018 Katarina Taurian

An ASIC review of SMSF services, as part of broader licensee surveillance, found that the overwhelming majority of professionals are failing to fully comply with the Corporations Act.

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ASIC warns on ‘general advice’

13-Apr-2018 Mike Taylor, Money Management

The Government may need to use more than one term to replace ‘general advice’ in circumstances where products sold with no advice are leading to consumer detriment, according to the Australian Securities and Investments Commission (ASIC).

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Should planners link to accountants on tax?

09-Apr-2018 Mike Taylor, Money Management

Financial planning firms would do well to consider partnerships with accountancy firms to help deliver tax advice to high net worth individuals. That is the assessment of GlobalData which has looked at the activity of the Australian Taxation Office (ATO) and its focus on high net worths.


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Cashflow advice in retirement the accounting sweet spot

03-Apr-2018 Darin Tyson-Chan, Self Managed Super

Accountants can enhance their value proposition for SMSF clients in retirement by making the decision to become the advice expert on cashflow requirements, a technical services executive has said.

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SMSF accounting advice falls short: panel

29-Mar-2018 Darin Tyson-Chan, Self Managed Super

A panel of consumers has criticised the quality of advice they received from the accounting community with regard to establishing an SMSF, as well as the assistance given in running this type of fund.

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