Technical news and resources

Bill to implement several 2021 Budget proposals passed by both houses

Bill to implement a number of superannuation and tax proposals contained in the 2021 Federal Budget passed by both houses.

Bill to implement several proposals contained in the 2021 Federal Budget

Bill introduced to Parliament to implement a number of superannuation and tax proposals contained in the 2021 Federal Budget.

ATO extends work-from-home office expense shortcut method

ATO extends the work-from-home office expense shortcut method for the 2021-22 financial year.

Retirement income covenant – Treasury releases draft legislation

Treasury releases draft legislation and explanatory material on the superannuation retirement income covenant.

Compensation payments and super contribution caps

Compensation received by a super fund may impact the member’s contribution caps.

ATO ruling: Non-arm's length income

ATO releases LCR 2021/2 regarding non-arm’s length income arising from expenditure incurred under a non-arm’s length arrangement.

Retirement income covenant

Treasury releases superannuation retirement income covenant position paper for consultation.

Registration Relief – Financial Advisers Exam

Advisers yet to pass the Financial Adviser exam will all have the option to sit the November exam.

Better Advice Bill Introduced to Parliament

Better Advice Bill creates single disciplinary body, new registration system, one-time extension of adviser exam and more. 

Your Future Your Super

Superannuation reforms designed to address the underperformance of superannuation products, limiting the creation of multiple super accounts and increasing trustee accountability.

SMSF member limit to increase to 6

Member limit to increase to six.

Extension of bring forward rule

Individuals aged 65 and 66 to be able to make up to three years of non-concessional superannuation contributions under the bring forward rule.

Extension to the temporary reduction super minimum drawdown rates

Extension of the reduced super minimum drawdown rate by another year to 30 June 2022 now law.

Termination of employment: technical tips to help your clients

When a client’s employment has been terminated, learn about the implications that will impact their financial situation.

Changes to advice fee arrangements

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry identified an issue in ongoing advice fee arrangements, particularly where clients were charged fees for advice that was not provided.

Financial Sector Reform

Two Financial Sector Reform Bills have recently been introduced to Parliament to implement recommendations made in the Financial Services Royal Commission Final Report.

Federal Budget 2020: What it means for financial services professionals

The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2020 Federal Budget on 6 October 2020.

Economic & fiscal update - Early super access extended

On 23 July 2020, the Government  released an Economic and Fiscal Update to address the effects of COVID-19 on the Australian economy and provide revised estimates for the budget position for 2019/20 and 2020/21.

Updated Division 7A Calculator and decision tool

CRT Alert 040/2019 - Final low income super contribution determinations have issued

Compensation received by super funds from financial instituions and insurance providers

Cuts to deeming rates

Bill to increase SMSF members

An introduction to philanthropic giving

This fact sheet provides an overview of some of the financial product and taxation considerations that arise when your clients are considering philanthropic giving.

Non-concessional contribution capacity flowcharts

These charts provide a visual tool to assist advisers in determining a client’s non-concessional contribution cap capacity for a specific income year

Contribution cap companion

Insuring through super

Superannuation death benefits

DDO – what does it mean for personal advice providers?

The Design and Distribution Obligation (DDO) regime, commencing on 5 October 2021, will have a significant impact on financial advisers.

Super stocktake 2021-22

With the new financial year comes a number of superannuation changes. In this article we look at what has changed, and what has been proposed but is yet to become law.

Federal Budget 2021: What it means for financial services professionals

The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2021 Federal Budget on 11 May 2021.

Year end strategies

Rethinking ongoing professional development

In the past, Financial Advisers may have viewed continuing professional development (CPD) as an administrative obligation that needed to be ticked off at the end of each year. However, developments over the past few years challenge that notion.

Termination of employment: technical tips to help your clients

Recent events have resulted in some employers cutting back on staff numbers. When a client’s employment has been terminated it is important to be aware of the implications that will impact their financial situation and the appropriate strategy moving forward, including the taxation of payments, the potential impact on other income tested benefits, access to superannuation, as well as the implications for social security benefits.

Federal Budget 2020: What it means for financial services professionals

The Federal Treasurer, the Hon. Josh Frydenberg MP, delivered the 2020 Federal Budget on 6 October 2020.

Super contribution options in 2019-20

SMSFs: The importance of being an ASF

Main residence tax changes may impact expats

Downsizing: a once-in-a-lifetime 90-day opportunity

Maximising FHSSS benefits

Top 10 NCC tips

Anti-detriment benefit phase out

Federal Budget 2019: what it means for financial services professionals

5 important super estate planning considerations

FASEA issues drafts of Adviser Professional Standards

A fine balance between personal and corporate tax

Catching up on concessional contributions

The CGT sting in the tail when leasing out a room

Federal Budget 2018: what it means for financial services professionals

Franking matters... but less than before

The Aussiegolfa case – substance prevails over form

Adviser education pathways and Code of Ethics

May 2022

During April, the Prime Minister announced the date of the election (21 May 2022) and resultant proroguing of the Parliament. The Government is now in caretaker mode and all bills and other business matters introduced to Parliament will need to be reintroduced to the next Parliament.  Other items of note include ASIC’s release of a legislative instrument which provides an exemption to the financial adviser qualification requirements for existing advice providers meeting certain criteria (e.g. on a career break).  

April 2022

During March, the Government handed down its 2022 Federal Budget which includes an increase to the low to middle income tax offset and an extension of the halving of the minimum pension payment requirements. Other items of note include the release of the Quality of Advice Review – Issues Paper. The review will look into how the regulatory framework could better enable the provision of high quality, accessible and affordable advice.

March 2022

During February, a Bill containing several superannuation and tax proposals passed both houses and received Royal assent. Other items include the release of new guidelines against cybercrime by the ATO and the TPB to help tax practitioners verify their clients identity, thereby reducing the risk of identity theft and tax fraud.

February 2022

During December 2021 and January 2022, the Government released a Policy Paper seeking feedback on the education standards for financial advisers, proposing recognition of on-the-job experience.

December 2021

Over the past month, FASEA released a consultation paper seeking feedback to amend Standard 3 of the Financial Planner and Adviser Code of Ethics 2019 regarding conflicts of interest.

November 2021

Over the past month, the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 received Royal Assent, which expands the role of the Financial Services and Credit Panel, introduces a new registration system for financial advisers and more.

October 2021

During September, the Paid Parental Leave Amendment (COVID-19 Work Test) Act 2021 received Royal Assent, which increases the accessibility of the COVID-19 Disaster Payments. Other items of note include the extension of SMSF COVID-19 relief measures for the 2019/20 and 2020/21 financial years.

September 2021

During August, several regulations were registered to finalise the Your Future, Your Super reforms. Other items of note include the release of APRA’s inaugural MySuper Product Performance Test results.

August 2021

During July, Treasury released exposure draft legislation to implement recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

July 2021

In June, in addition to the introduction of the Better Advice Bill, new legislation was passed to extend the bring forward rule for non-concessional contributions, increase the maximum allowable members in a self-managed superannuation fund, and the implementation of Your Future, Your Super measures.

June 2021

In May 2021, in addition to handing down the 2021 Federal Budget, the Government handed down its response to the Final Report of the Royal Commission into Aged Care Quality and Safety, and ASIC has released its findings on the ‘general advice’ label.

May 2021

This month ASIC extended the relief measure which allows financial advisers to provide ROAs rather than SOAs to existing clients who have been impacted by the COVID-19 pandemic. Included is the release of the FSC’s Green Paper on financial advice, which proposes fundamental changes to the regulatory financial advice framework, in the context of rising compliance requirements and cost pressures.

April 2021

This month, ASIC made three legislative instruments relating to the lack of independence disclosure and consent to deduct advice fees, and the final report of the Royal Commission into Aged Care Quality and Safety was released.

March 2021

The Financial Sector Reform (Hayne Royal Commission Response No.2) Bill 2020, received royal assent. Other items of note include the indexation of the concessional and non-concessional contribution caps and the introduction to Parliament of the Treasury Laws Amendment Bill 2021, which will limit the creation of multiple super accounts.

January 2021

The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 received royal assent. Other items of note include the extension of the Coronavirus Supplement and the indexation of the Transfer Balance Cap, which will apply from 1 July 2021. 

November 2020

A large omnibus Bill was introduced to Parliament to implement a range of financial sector reforms recommended by the Royal Commission. The Government also released an exposure draft of various superannuation measures announced in the Federal Budget 2020.

October 2020

The Government handed down the 2020 Federal Budget, driving much of the legislative development during October. A revised draft of the Financial Planners and Adviser Code of Ethics 2019 Guide was also released by FASEA.

September 2020

August 2020

July 2020

June 2020

February 2020

December 2019

November 2019

October 2019

August 2019

July 2019

June 2019