Using SMSF minutes to satisfy compliance rules
12 August 2015 | Shelley Banton, SMSF Adviser
Debate and confusion remain within the SMSF industry regarding how minutes, documents and agreements should be structured – so what’s acceptable and what’s not? A wise man once said, “With great power comes great responsibility”. Applied to SMSFs, it follows that any group generating $20 billion in annual tax concessions will fall heavily under the ATO microscope. It is vital therefore that SMSF practitioners ensure their clients have adequate documentation if any issues arise in the future. Getting documentation right. There is still disagreement within the SMSF industry about how minutes, documents and agreements need to be structured.
AFA says education a longer-term challenge
13 August 2015 | Kristen Crawford, Financial Observer
Advisers were being urged to consider the next wave of regulatory reforms following recommendations yet to come from the Parliamentary Joint Committee (PJC) on Corporations and Financial Services in regard to adviser education standards. Speaking to financialobserver, Association of Financial Advisers (AFA) national president Deborah Kent said the jointly proposed life insurance reform package was understandably bothering advisers, however, education reforms stemming from the PJC would be the next thing on the agenda. “[Education reform] is expected to be a more drawn out process, which will affect both new and existing financial advisers,” Kent said.
Planners break away from Macquarie Private
13 August 2015 | Kristen Crawford, Financial Observer
A team of four senior advisers from Macquarie Private Wealth have left the group to start up a boutique wealth advisory firm backed by Bennelong Wealth Partners. The new practice, Sovereign Wealth Partners, was established by equity partners Jeffrey Wrightson, Stephen Thaxter, Chris Forrest and Nina Kazmierczak, who were all long-time Macquarie Private Wealth planners, with Wrightson also a Macquarie Group division director for over 15 years. “Macquarie has been a good home, but now the time is right for us to start our own boutique wealth management business and focus on the increasing needs and aspirations of the growing number of high net worth clients,” Wrightson said.
Will needed to close super gender gap: ASFA
12 August 2015 | Jassmyn Goh, Money Management
Clashing political goals and retirement income goals is not helping close the gender gap in superannuation, according to the Association of Superannuation Funds of Australia (ASFA). With the super system maturing and women still retiring on half the amount that men do, it is time to address the gender gap issue, ASFA chief executive, Pauline Vamos told Money Management. “I think now is the perfect time because the super system is substantial and we’re talking about real money in real peoples accounts, and an ageing population. So the problem is will,” Vamos said. “But politics is a short-term game and retirement income is a long-term game and they don’t always match.”
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