AFA Welcomes TASA Reprieve

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The Association of Financial Advisers (AFA) notes the introduction of legislation relating to the Tax Agent Services Act (TASA) and welcomes greater certainty on the matter for advisers. “We are pleased that common sense has prevailed and acknowledge the support of the Coalition and the Independents, as well as the Financial Services Council (FSC) and […]

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FPA welcomes fairer taxation of excess contributions in super

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Yesterday’s tabling of a Bill to provide for fairer taxation of excess contributions in super is a welcome measure designed to create greater equity for lower and middle income earning Australians. Yesterday’s Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Bill 2013 provides a fair and considered response to resolving a fundamental imbalance for many […]

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AFA: calls again to restrict use of the term "financial advisor" under legislation

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For better consumer protection, AFA again calls to enshrine the term “Financial adviser” In its 2009 submission to the Ripoll Inquiry, the Association of Financial Advisers (AFA) called for the term “Financial Adviser” which encompasses all those who work under the Australian Financial Services Licence (AFSL) regime to be enshrined in legislation. “Those who work […]

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Actuaries call for wider debate on solutions for coping with future floods

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The devastating damage to property caused by the Queensland floods, has prompted the Institute of Actuaries of Australia to call for a national solution to manage future floods and natural disasters, which may include public (government) and private (insurance industry) options or a combination of both. The Institute, whose member actuaries work for insurers rating […]

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FPA welcomes TFN legislation

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The FPA welcomes Friday’s announcement introducing draft legislation to enable Tax File Numbers (TFN) to be used by super funds as the primary source to identify superannuation accounts and match them with their members. Though lost super accounts are not a major issue for clients who have a financial planner, there are of course many […]

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SPAA responds to exposure draft on art and collectables

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SPAA supports move to amend the sole purpose test in the SIS Act to allow self managed super funds to invest in art, collectables and personal use assets. The Self Managed Super Fund Professionals’ Association has today voiced its support for draft legislation released yesterday which will allow self managed super funds to continue to […]

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SPAA urges caution on new borrowing rules

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The Self Managed Super Funds Professionals’ Association of Australia (SPAA) has today reminded SMSF advisers and trustees about the tough new measures which apply to limited recourse borrowing arrangements put in place on or after 7 July 2010. Peter Burgess, SPAA National Technical Director, said the most significant and controversial changes to the rules include […]

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Family Trusts, Private Companies and Centrelink – how do the Attribution Rules affect your Retiring Clients?

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This Article was updated on July 23, 2012 – To see the update click here . It is surprising how often I receive calls from advisers asking me to explain how Centrelink will treat their client’s family trust or private company, predominantly for Age Pension eligibility. (This story first appeared in the Journal of Financial Advice […]

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Preventing insolvent trading: the focus of new ASIC report

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ASIC has today released a report that sets out the key messages and outcomes of its national insolvent trading program (NITP). The report, National Insolvent Trading Program Report (REP 213) will be beneficial to directors of companies, company advisers (including accountants and lawyers) and other interested stakeholders to assist them in understanding and complying with […]

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ASIC begins nationwide surveillance activities under national consumer credit regime

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The Australian Securities and Investments Commission (ASIC) has begun its first nationwide surveillance activity to detect unregistered businesses and people under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (National Credit Transitional Act). Between now and late 2010, ASIC will be in the field, across Australia, to detect businesses or people engaging […]

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