Regulation

Effects of OPEC+ deal on oil price

The new OPEC+ deal to cut production should help stabilise the oil market, but it’s far from clear when the slump in global demand may reverse. The OPEC+ agreement runs through 2022 and defines staggered production cuts, as follows: May…

Equity crowdfunding an expensive way to raise capital

On the way to receiving its banking licence in September last year, neobank Xinja used the equity crowdfunding platform Equitise to raise capital three times. It’s a story of an innovative business using and equally innovative funding model to establish…

Beware the traps in the Government’s bankruptcy release

Businesses will get relief with changes to the bankruptcy laws but directors need to be aware that their duties remain in place and a business that is failing may not be saved by these changes. Directors who continue to trade…

Get property development right, ATO tells SMSFs

The tax office has stepped up its monitoring of property development arrangements involving self-managed super funds, saying it is concerned that such arrangements may be inappropriate. The ATO is paying particularly close attention to arrangements that involve limited recourse borrowing…

So much more than an advice fee consent form

Advisers will have to do more than seek the consent of their clients to maintain ongoing fee arrangements. They will have to warn of any loss or reduction of benefits that result from paying those fees. They will also have…

ATO gets tough on SMSF ‘non-lodgers’

The Australian Taxation Office (ATO) is warning self-managed superannuation trustees and their advisers that lodging annual returns late will result in a change to an SMSF’s fund status, risking their retirement savings. The harsh consequence is in response to nearly…

Government consults on new work test rules

The Government has released a draft bill for consultation, outlining measures to provide greater flexibility in the superannuation system for older Australians. The bill includes three changes: • the age at which the work test starts to apply for voluntary…

AFSL hurdle set higher

The new “fit and proper” test that ASIC will apply to all Australian financial services licence applicants will be a higher threshold than the old “good fame and character” test. Recommendations of the 2016 ASIC Enforcement Review Taskforce that the…

Planning for SG amnesty? Your time starts now

Accountants and advisers will have their hands full over the next few months, helping business clients review their superannuation guarantee compliance status. Now that the Government’s Superannuation Guarantee amnesty bill has passed, employers will need to work out if they…

TPB’s CPE plan questioned

The Tax Practitioners Board is considering an increase in the minimum number of continuing professional education (CPE) hours required for all tax practitioners to 40 hours a year. The TPB hopes to hope to align its requirements with FASEA’s CPD…