TPB guidance “dismissive” of tax experience
July 1 marks the start of the three-year transition period during which financial planners are deemed to fall under the auspices of the Tax Agent Services Act (TASA) 2009. Professional Planner asked expert Craig Meldrum for his view on initial guidelines proposed by the Tax Practitioners Board. Study period If the terms outlined in the
April 16, 2013
Seven steps when ASIC comes a-calling
You’ve got to know when to hold ’em, know when to fold ’em and know when to walk away advises the old song but if you’ve been served with a notice from the regulator, it might help to start with a deep breath. According to Hillary Ray of legal firm The Fold, working with the
April 16, 2013
Tax provision may send advisers back to school
Financial advisers who provide clients with tax advice, including noting tax implications when accessing superannuation, will soon need to complete a course devised by the Tax Practitioners Board (TPB). While the application of the Tax Agent Services Act 2009 (TASA) to financial planners is pending but still far from resolved, the TPB has wasted little
April 15, 2013
Premium insight: the Asia puzzle has many pieces
With Prime Minister Julia Gillard signing a historic pact with China this week, Professional Planner asked Jonathan Wu if perceptions on investing in Asia are changing in Australia. Client perceptions of risk have once again changed and, after seeing a brief rally into the last quarter of 2013, both advisers and clients are starting to
April 11, 2013
Can Click Frenzy 2.0 lure the thrifty consumer?
With the Reserve Bank sticking to its wait-and-see approach, the recent decision to keep interest rates on hold came as no surprise. And while we’re yet to see clear evidence of growth emerging beyond mining, last week’s release of retail sales data will no doubt provide a glimmer of hope for the central bank and
April 09, 2013
Super tax changes: winners and losers
The superannuation changes proposed by Treasurer Wayne Swan and the Minister for Financial Services and Superannuation Bill Shorten have a range of implications for both investors and their financial advisers. From July 1, 2014 future earnings on assets supporting income streams will be tax free up to $100,000 a year. Earnings above $100,000 will be
April 08, 2013
Accounting rules arrive with compromise on fees
The Accounting Professional and Ethical Standards Board (APESB) has issued APES 230 Financial Planning Services, which sets new requirements for accountants providing financial advice. The controversial guidelines are the result of more than five years of public and industry consultation, which attracted submissions from professional bodies, accounting firms, dealer groups, financial institutions, the regulator, consumer
April 08, 2013
Starting at the finish: a blueprint for scaled advice
Scaled advice is only viable if planners are able to introduce new efficiencies into the way they work, which is why some planners are using technological processes that flip traditional planning scenarios on their head. These planners are starting at the finish line: using their expertise to pick the appropriate strategy and outcome they want,
April 08, 2013
Too early to talk of a bond bubble burst?
The banking crisis in Cyprus comes as a sharp reminder of just how fragile the global economy remains. For the first three months of this year and in the later part of 2012, most of the market talk has been about the rally in equities and, as a corollary of this rally, how the bond
April 08, 2013
Don’t like these principles?
APESB has others
Groucho Marx once said: “Those are my principles. And if you don’t like them, well, I have others.” The Accounting Professional and Ethical Standards Board (APESB) is beginning to look like a Marx Brothers movie. From April 5, it’s entirely possible that for accountants offering financial planning services, professional standards will effectively be optional. The
April 04, 2013
TASA train wreck awaits hero
The impending application of the Tax Agent Services Act 2009 (TASA) to financial planners has been described as potentially more onerous than the Future of Financial Advice (FoFA) reforms as it will have an impact on the entire financial advice industry. It’s like one of those slow motion action sequences in a Hollywood blockbuster in which
April 04, 2013
