Comment on CGT review of main resident exemption for non-residents

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Given the recent Liberal leadership spill, perhaps it’s wise to revisit the scrapping of the Capital Gains Tax (CGT) main resident exemption for non-residents. The exemption is currently sitting 29th in the queue of legislation yet to be discussed, however the current political climate causes further uncertainty. Scott Morrison officially took office on the 24th […]

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ASIC urges organisations to act on industry funding before 27 September

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The deadline is approaching for organisations and individuals regulated by ASIC to meet their legal obligations under new industry funding laws. ASIC sent a letter in July to each registered office address. This letter advised how to provide industry funding contact details and submit business activity metrics in the new ASIC Regulatory Portal by 27 September 2018. ASIC […]

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ASIC reviews insurance in superannuation

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The Australian Securities and Investments Commission (ASIC) has released a report on the provision of insurance cover through superannuation. ASIC’s review of 47 superannuation trustees focused on: insurance claims and complaints handling, disclosures about insurance (including about cover ceasing), insurer rebates paid to trustees, and whether members were defaulted into demographic categories that resulted in […]

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Court sheds light on an enduring attorney’s right to extend a BDBN

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A significant ruling was recently handed down in the Queensland decision of Re Narumon Pty Ltd regarding an attorney’s right to extend a member’s binding death benefit nomination. The facts Mr Giles, the sole member of his SMSF, appointed both his wife and his sister (“Attorneys”) as his enduring attorneys for both financial and health […]

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ASIC’s review of direct life insurance finds high cancellation rates and poor claims outcomes

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ASIC’s review of direct life insurance sales has found that sales practices and product design are leading to poor consumer outcomes. ASIC’s Report 587 released today reveals that: Consumers are cancelling their policies in very high numbers: one in five of all policies taken out were cancelled in the cooling off period one in four of all […]

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ASIC publishes a review of reverse mortgage lending

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A review by ASIC has found that reverse mortgages are allowing older Australians to achieve their immediate financial goals – improving their lifestyles in retirement – but longer-term challenges exist. For older Australians who own their home with few other assets, a reverse mortgage can allow them to draw on the wealth locked up in […]

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ASIC requires Morgan Stanley Wealth Management Australia to amend false claim of independence

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ASIC has required Morgan Stanley Wealth Management Australia Pty Ltd (MSWMA) to amend a false claim of independence that could mislead consumers and investors. The claim was made in an ASX announcement released by Praemium Limited on 5 June 2018. The ASX announcement included a quote from MSWMA which described its business as featuring an […]

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Time to act for all ASIC-regulated organisations required to submit information for industry funding

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If you are an organisation regulated by ASIC you may be required to submit some information to ASIC on the operation of your business before 27 September 2018. This obligation for industry is part of new industry funding arrangements that became law in 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory […]

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The Hon Kelly O’Dwyer MP launches the 2018 National Financial Capability Strategy

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The Minister for Revenue and Financial Services, The Hon. Kelly O’Dwyer MP, has launched the 2018 National Financial Capability Strategy at an event at Parliament House in Canberra. Speaking at the event, Minister O’Dwyer highlighted the Australian Government’s ongoing commitment to supporting Australians to be in control of their financial lives. ‘We want all Australians […]

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Court hands down judgment in appeal relating to the DomaCom Fund

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Highlights The Full Federal Court has handed down judgment in the appeal by Aussiegolfa Pty Ltd (in its capacity as trustee of the Benson Family Superannuation Fund (BFSF). The Court held that the primary judge was incorrect in concluding that the leasing of the residential property held by the sub-fund to a child of a […]

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