Trustees’ duties are often misunderstood, says SPAA

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The wide-ranging responsibilities of SMSF trustees to all fund members are often misunderstood and unappreciated by their critics, says Graeme Colley, Director, Technical and Professional Standards, of the SMSF Professionals’ Association of Australia (SPAA). “There is a common misconception that trustees are some how a ‘law unto themselves’ but nothing could be further from the

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SMSF critics should look to the facts, not their biases

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In the eyes of their critics it seems SMSF trustees can never get it right on the investment front, says Graeme Colley, Director, Technical and Professional Standards, of the SMSF Professionals’ Association of Australia (SPAA). “In recent days we have been told trustees are overweight in Australian equities, especially the fully franked blue chips such

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SPAA urges overhaul of education and training requirements

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The SMSF Professionals’ Association of Australia (SPAA) has told a parliamentary inquiry that the education and training requirements for the financial advisory industry need to be radically overhauled. In 21-page written submission to the Parliamentary Joint Committee on Corporations and Financial Services, SPAA argues that the current system of a minimum standard of education and

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Remove super from short-term political cycle: SPAA

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The Government’s decision to again delay the introduction of the promised Superannuation Guarantee (SG) increases highlights the need for superannuation to be removed from the short-term political cycle, says SMSF Professionals’ Association of Australia (SPAA) CEO/Managing Director Andrea Slattery. The decision, announced yesterday after the Government reached agreement with the Palmer United Party in the

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SPAA message to FSI: SMSF sector performing well

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The SMSF sector was a well-functioning, efficient and allowing many Australians to meet their retirement income goals, the SMSF Professionals’ Association of Australia (SPAA) said its final submission to the Financial System Inquiry (FSI). SPAA CEO/Managing Director Andrea Slattery said the FSI’s draft report was “positive” about the SMSF sector, and where it did raise

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In-house asset rules a trap for SMSF advisors, trustees

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The in-house asset rules pose one the biggest pitfalls for SMSF trustees and their professional advisors, says Graeme Colley, Director, Technical and Professional Standards, of the SMSF Professionals’ Association of Australia (SPAA). He says SPAA is concerned that these rules – one of the most complex set of investment rules in the SIS legislation – are the

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SPAA expands member education services with technical mentoring program

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The SMSF Professionals’ Association of Australia (SPAA) has developed a new online technical mentoring program for its specialist members, says Managing Director/CEO Andrea Slattery. The new educational program, available to members holding a SPAA SMSF Specialist SSA and/or SSAud accreditation, will assist in enhancing and raising the standard of professional advice and skills and will

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SPAA backs ASIC move to clarify wholesale investor test

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The SMSF Professionals’ Association of Australia (SPAA) welcomes the decision by ASIC to clarify the working of the wholesale investor test and how it relates to SMSF professionals and trustees. SPAA CEO and Managing Director, Andrea Slattery, says the organisation has been advocating “long and hard” about the need to give SMSF professionals and trustees

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SPAA establishes best practice guidelines for SMSF borrowings

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The SMSF Professionals’ Association of Australia (SPAA) has developed best practice guidelines for SMSF limited recourse borrowing arrangements (LRBAs) – with the National Australia Bank (NAB) agreeing to adhere to the two separate guidelines on lending and advice. SPAA CEO Andrea Slattery says: “NAB is the first lender to sign up for both guidelines, and

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Inquiries put retirement income products up for debate

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 The Financial System Inquiry and Government Pension Review have the potential to open up the availability of “relevant and appropriate” retirement income products, Jordan George, Senior Manager, Technical & Policy, of the SMSF Professionals’ Association of Australia (SPAA), told the organisation’s Technical Conference in Sydney yesterday. The FSI, in its interim report, said the retirement phase of

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