Placing too much emphasis on the current day tax advantages of SMSFs, rather than the eventual retirement payoff, can increase the risk of breaching the sole purpose test according to CFS technical lead Craig Day.
The largest portion of complaints relating to investments and advice (32 per cent) are passed on by AFCA because they land outside the complaints authority’s jurisdiction, AFCA's 2020 complaint data shows.
CEO John Maroney conveyed the association's dim view of AFSLs in a submission to ASIC's consultation on access to affordable advice, as well as some suggestions for ASIC about its image in the industry.
Recent amendments to the rules around auditor independence will be a key legislative theme at this year's SMSF Association National Conference according to the representative body's deputy CEO and director of policy and education, Peter Burgess.
Advisers are in danger of losing clients and business referrals if they fail to proactively bring up aged care issues with their older clients, says Aged Care Steps director Louise Biti. Worse still, clients will end up without support when they need it most.
The number of SMSF trustees that want financial advice is growing according to Investment Trends CEO Michael Blomfield, while the number of trustees using advice is shrinking. The disconnect is "problematic", he says.