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FEATURE: 2014 year in review

MARK SMITH, LAURA MILLAN, JAMES FERNYHOUGH  |  FRIDAY, 12 DEC 2014
... to lower income earners. SPAA chief executive Andrea Slattery has downplayed those concerns, arguing the same tax rules apply across the board. One interesting development in the last 12 months is that a number of (predominantly industry) super funds ...

Inquiry asks for greater simple bond red tape reduction

MARK SMITH  |  MONDAY, 8 DEC 2014
... to market discipline regarding the quality of their disclosures. The Inquiry has initially suggested the new regime only apply to the largest 150 companies on the Australian Securities Exchange (ASX). It said the government could consider extending it ...

Murray calls for ASIC to have more money and power

MARK SMITH  |  SUNDAY, 7 DEC 2014
The Australian Securities and Investments Commission (ASIC) should be given greater powers and more money to do its job. Those were the recommendations laid out by David Murray in his final report to the Financial System Inquiry (FSI). "Regulators' ...

Change insurance commissions to fight churning: FSI

LAURA MILLAN  |  SUNDAY, 7 DEC 2014
... involves an upfront fee." The inquiry did not determine either the percentage amount of the level commissions that should apply in the life insurance sector. "This should be left to the market and industry," it said. However, it asked that if the proposed ...

SMSF court case highlights penalty uncertainties

LAURA MILLAN  |  WEDNESDAY, 3 DEC 2014
... July 1, 2014. In an article analysing the issue, DBA Lawyers noted that under the new rules the ATO might have chosen to apply administrative penalties instead of going to court. "The new rules have the legislative wording allow them to operate very ...

Government explains Challenger annuity mix-up

JAMES FERNYHOUGH  |  TUESDAY, 2 DEC 2014
... the DSS also said that the revised assessment, which is expected to make the annuity considerably less valuable, will only apply going forward, and will not result in existing holders of the annuity having to repay social security debt. A spokesperson ...

ASIC begins legal action against LM Investment Management

MARK SMITH  |  THURSDAY, 20 NOV 2014
... managing their investments act appropriately, take a diligent and intelligent interest in the affairs of the company, and apply an enquiring mind to the responsibilities placed upon them." The maximum fine for a director breaching their duties is $200,000 ...

ASFA launches blueprint for post-retirement system

JAMES FERNYHOUGH  |  THURSDAY, 13 NOV 2014
The Association of Superannuation Funds of Australia (ASFA) has attempted to break the deadlock on retirement income innovation with the launch of a paper that sets out a framework for building an effective post-retirement system. Entitled A New Framework ...

New Fortnum advice business targeting accountants

MARK SMITH  |  WEDNESDAY, 12 NOV 2014
... build expertise in areas like superannuation, estate planning and asset protection. Fortnum expects a wave of accountants to apply for a limited Australian financial services licence (AFSL) in 2015 as the accountants' exemption draws nearer. The new ...

TAL lobbies for annuity regulation change

LAURA MILLAN  |  TUESDAY, 11 NOV 2014
... annuity and leaving the remaining assets invested in an account based pension should receive the same tax treatment as would apply to hybrid variable annuity products. TAL said it does not support an upper limit on the amount that can be invested in ...