News : Legislation

Financial Advice, Legislation

Reform of financial law badly needed

ALRC Financial services industry Financial services law

Financial services and corporations legislation is overly complex and in dire need of reform with a government agency recommending widespread changes.

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Compliance & Regulation, Legislation

Digital document authorisation approved

Document execution Digital authorisation myGov SMSFA

From the start of this year, individuals now have the option of using two digital methods to execute statutory declarations in addition to a traditional paper-based approach.

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Administration, Documentation, Legislation

Wet signatures reduce litigation risk

Trust deed deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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Administration, Auditing, Legislation, Tax

Valuation manipulation a compliance issue

Market value SIS regulation 8.02B Division 296 tax superannuation earnings tax

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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Legislation, Superannuation

Super wars side chosen

superannuation wars NALE earnings tax Angus Taylor

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

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Legislation, SMSF, Tax

Liquidity risk of new tax quantified

SMSF Association Superannuation earnings tax liquidity

New SMSF Association-commissioned research has indicated the tax on super balances over $3 million will result in liquidity risk.

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Compliance & Regulation, Cryptocurrency, Investments, Legislation

Digital asset regulation proposed

Digital assets cryptocurrency regulation

Digital asset platform providers will be required to obtain an Australian financial services licence under a new Treasury proposal.

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Legislation, Superannuation, Tax

$3m soft cap draft bills released

$3m earnings tax soft cap draft legislation Treasury

The draft bill covering the proposed new tax on total super balances in excess of $3 million has been released with no significant changes.

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Legislation, SMSF, SMSFA

Residency rules need changing now

SMSF residency rules

The SMSF Association has urged the government to complete reforms to the residency rules first put forward by its predecessors two years ago.

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