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RESPONSIBLE MANAGERS. 14 Mar 2016
Late last year, ASIC announced that it intends to apply more rigorous tests before granting AFS and credit licences. The sheer number of ASIC investigations each year – leading to criminal prosecutions, bannings, enforceable undertaking and licence conditions – is testament to the fact that ..
CONFLICTED REMUNERATION. 11 Mar 2016
Remuneration for life risk insurance is exempt from the ban on conflicted remuneration – but not for much longer. An established link between high levels of upfront commissions and poor consumer outcomes now means that modified conflicted remuneration rules will apply to all life risk insur ..
LICENCE NOW — OR IN 2019. 16 Feb 2016
With less than a month until ASIC’s soft licensing deadline, only 276 limited licence applications have been submitted and only 31% of these have been granted. Some accountants are waiting until the last minute to lodge their licence application, but there are risks to this approach. If you ..
STAMP DUTY, NOT TO BE FORGOTTEN. 11 Feb 2016
You purchase a business, it feels like a bargain........until you realise how much stamp duty you have to pay. How can you structure your purchase in the most effective way? You have two basic options – purchasing assets, or shares in a company. Simple choice, but the effects can tu ..
ACCOUNTANTS' AUTHORISATIONS. 22 Dec 2015
The limitations on accountants’ limited licences are more limited than you think! This can strangle accountants’ ability to service their clients – and poses risk to those who don’t understand the limits. This blog looks at some of the challenges: SMSFs – While there are no limits on the ..
THE REALITIES OF ARS AND ACCOUNTANTS. 22 Dec 2015
Many accountants see becoming an authorised representative as an easy way to get past the hurdle of limited licensing and on with ‘business as usual’. But is it really as simple as that? Becoming an AR doesn’t mean the compliance hassle goes away. Although it largely becomes the license ..
UNFAIR BUSINESS CONTRACTS. 11 Dec 2015
Recognising that small businesses, like consumers, often have no real bargaining power to negotiate unfair contract terms, the B2C unfair contract protections have now been extended to B2B contracts.* There’s a 12-month transition period, but by 12 November 2016 this new framework will be in ..
THE DANGERS OF BEING AN AR. 03 Dec 2015
With accountants needing to be licensed by 30 June 2016, it might be tempting to think becoming an authorised representative of another licensee is a quick, easy and cheap solution. While this may suit some accountants, it can be fraught with traps for the unwary – especially if you’re purs ..
ASIC’S INNOVATION HUB. 18 Nov 2015
We’ve heard a lot from ASIC about its willingness to facilitate fintech start-ups. Here’s some tips on how to approach ASIC for help. What’s ASIC offering? In addition to engaging with the fintech sector by hosting events at its offices and attending onsite events at fintech hubs like ..
INSURANCE – IS IT OPTIONAL? 28 Oct 2015
The fine distinction between exposure to liability under an indemnity clause and a contractual obligation to insure a liability is both important and commonly misunderstood. Most contracts for the supply of products or services require the supplier to indemnify certain losses and hold certa ..
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