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Nicole Stornebrink

Standards shake-up for Financial Advisors

Standards shake-up for Financial Advisors

Amongst the tidal wave of criticism of the financial planning industry in the wake of the royal commission, education and ethical standards is one area a new amendment to the Corporations Act will seek to address from 1 January 2019.  

ATO’s 2017/18 areas of focus for SMSFs

ATO’s 2017/18 areas of focus for SMSFs

At the SMSF National Conference we heard James O’Halloran, Deputy Commissioner of Superannuation give a speech outlining the areas of focus for the balance of the financial year. The speech confirmed that a key component of the ATO is education to prevent breaches before they occur, especially in light of the recent superannuation reforms, but with some specific enforcement priorities.

SMSF – extended time for annual returns this year

SMSF – extended time for annual returns this year

In a move welcomed by SMSF trustees (and their advisors!) the ATO has announced the extension of the lodgment date for self managed superannuation fund (SMSF) annual returns for the 2016/17 year to 30 June 2018. The ATO has confirmed that because 30 June 2018 falls on a Saturday, lodgment can occur on Monday 2 July 2018 without penalties.  
 

Cessation of statutory protections for migrated security interests on the PPSR

Cessation of statutory protections for migrated security interests on the PPSR

Under the Personal Property Securities Act 2009 (Cth) (the Act), securities and charges under other legislation and registers were migrated onto the Personal Property Securities Register (PPSR). Many migrated securities were not registered in accordance with the Act’s registration requirements.

Proposed draft laws for the introduction of the $1.6 million super pension cap

Proposed draft laws for the introduction of the $1.6 million super pension cap

The Government has released the second round of  draft rules for the implementation of the superannuation reform package announced in the 2016-2017 budget. This tranche includes the draft legislation for the proposed $1.6 million super pension cap, which essentially limits the amount that a member can hold in a pension account to $1.6 million from 1 July 2017.

Controversial $500,000 lifetime non-concessional contributions cap scrapped

Controversial $500,000 lifetime non-concessional contributions cap scrapped

The announcement of the $500,000 lifetime non-concessional contributions cap in the 2016-2017 budget was not only controversial, especially given what was widely perceived as its retrospective operation, but raised many questions as to how it would be applied. The Government has announced that the proposed lifetime cap will not proceed but will be replaced by a new measure.

DOES YOUR BUSINESS NEED A PRIVACY POLICY IN PLACE?

DOES YOUR BUSINESS NEED A PRIVACY POLICY IN PLACE?

To help you determine if your business legally requires a privacy policy under the Privacy Act, we have developed a simple flow chart for you to follow. If the answer is yes to any of the questions in the chart, a privacy policy should be prepared to ensure your business is not subject to penalties for non-compliance with the Privacy Act.

Non-commercial LRBA loans must be put on commercial terms for the entire 2016 income year

Non-commercial LRBA loans must be put on commercial terms for the entire 2016 income year

In December 2015 The Australian Taxation Office (ATO) stated that it would not take active steps to review non-commercial limited recourse borrowing arrangement (LRBA) loans prior to 30 June 2016.  It was recommended that LRBA loans should be put on arm’s length terms by 30 June 2016. If that occurred then the ATO had stated that it would not actively review such non-commercial LRBAs for prior years.

90 day “PPS Lease” Abolished

90 day “PPS Lease” Abolished

From today, 1 October 2015, the Personal Property Securities Act will no longer operate to automatically give rise to a security interest in serialised goods (e.g. motor vehicles, motorhomes, aircrafts etc.) that are leased or bailed for a term of less than 12 months.

This is in contrast to the now outdated law which provided that leases or bailments of serialised goods for a period of more than 90 days, automatically created a security interest in the goods in favour of the lessor or the bailor. This meant that a lessor or bailor had to register a security interest on the Personal Property Securities Register (Register) to protect their interest in the goods.