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Showing 41 - 50 of 180 results for %22SIS Act%22

Chief economist update: Middle Kingdom on top

BENJAMIN ONG  |  TUESDAY, 20 OCT 2020
China's cruel to be kind policy continues to pay dividends. Criticised and condemned they may be, but the swift and continued improvement in the economy prove that the Politburo's draconian restriction and lockdown measures implemented at the ...

APRA advises funds to review ownership structures

ELIZA BAVIN  |  FRIDAY, 16 OCT 2020
... obtain APRA's approval before owning a controlling stake in an RSE licensee is a strict liability offence under of the SIS Act which may attract severe penalties. "The purpose of this letter is to remind RSE licensees of the requirement to seek approval ...

Trustees cutting corners: Rowell

KARREN VERGARA  |  FRIDAY, 2 OCT 2020
... their choice product assessments. This will also assist the trustee to satisfy the publication requirements under the SIS Act," she said. Trustees are also ignoring several factors that are critical in conducting the outcomes assessment. Some are using ...

SMSF member increase bill reintroduced

ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... of self-managed superannuation (SMSF) members from four to six has been reintroduced in the Senate. The bill amends the SIS Act, Corporations Act, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act 1999 and allows larger families to ...

Pengana sales manager lands distribution gig

ALLY SELBY  |  THURSDAY, 20 AUG 2020
... Impact products," he said. Keen joined Pengana in June 2015 as a regional distribution manager for New South Wales and the ACT, and was appointed as the firm's national sales manager for its private banking and wealth division in May last year. Prior ...

ASIC cracks down on 42 SMSF auditors

ALLY SELBY  |  THURSDAY, 20 AUG 2020
... pointing to the auditors' relevant non-SMSF experience and personal circumstances to justify the move. Since July 2013, the SIS Act has required all SMSF auditors to be registered with ASIC to ensure they meet base standards of competency and expertise. ...

Australia only needs 15 super funds: Consultant

HARRISON WORLEY  |  TUESDAY, 26 MAY 2020
... additional negative impact on funds and their cashflows. All these forces combined means the superannuation industry needs to act now."

Sole purpose test poses SMSF rent relief issue

ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... provide rent relief for struggling tenants. The prohibition against providing financial accommodation (section 65 of the SIS Act), the prohibition against dealing on a non-arm's length basis (section 109 of the SIS Act) and the in-house asset rules (Part ...

No change of mind for ERS

ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
... basis of a determination that is later revoked by the ATO, APRA's view is that no breach of the payment standards in the SIS Act and Regulations will have occurred," the ATO said. "However, where a trustee makes a payment after a determination has already ...

ERS can be drawn from multiple funds: ATO

ELIZA BAVIN  |  THURSDAY, 16 APR 2020
... amounts under the COVID-19 early release of super measure is different to the usual process RSE licensees are expected to act in accordance with the ATO determination. "The AML/CTF Rule exempting RSE licensees from undertaking up-front customer verification ...