Blog.
REDUCE BURDEN WITH RCTIS.
18 Dec 2014
Recipient-created tax invoices (RCTIs) take the hassle out of business relationships by allowing the recipient of a taxable supply to issue a tax invoice, rather than waiting for one from the supplier.
They are convenient - so when can they be used?
There’s a widespread misconception t ..
GRANDFATHERING OF TRAIL COMMISSIONS.
28 Nov 2014
Commercial mobility in the financial planning industry could have remained at a standstill had the government not seen sense following the disallowance of the FOFA amendment regulations last week.
Under the original FOFA grandfathering provisions, trail and other ongoing commission and volu ..
KNOW YOUR 'HIGH RISK' CLIENT.
26 Nov 2014
‘Enhanced’ customer due diligence must now be performed on ‘high risk’ clients on-boarded since 1 June 2014, but the problem is that there’s no one-size-fits-all definition of ‘high risk’.
Here’s a guide to help you accurately classify your clients’ risk category.
Step 1 – Define your Ri ..
MORE PAPERWORK FOR ADVISERS.
17 Nov 2014
In the latest addition to the regulatory burden, financial advisers will soon need to keep considerable additional records proving they’ve complied with the best interests duty.
So when you give personal advice to retail clients after 23 March 2015, keep records of the following:
Best in ..
KEY FACTS SHEETS.
12 Nov 2014
After 9 November 2014, insurers must give consumers ‘Key Facts Sheets’ for home building and home contents insurance. So how does this affect insurance brokers?
Insurers aren’t required to give a Key Facts Sheet to insureds with whom they deal via a broker. As the client’s representative, t ..
LIMITED LICENCE: APPLY EARLY.
11 Nov 2014
Only 27 of the 62 limited AFS licence applications lodged by accountants prior to July 2014 were approved due to material deficiencies in the documentation and information provided by the applicants.
Here’s 5 key tips on how to avoid this happening to your AFS licence application:
Be cle ..
COMPETITIONS AND REWARDS.
10 Nov 2014
Participating in some insurer or underwriting agency competitions can easily lead to a breach of your AFS licence.
Competitions that reward broking staff with a ‘prize’ for meeting certain volume goals for quotes or business placed with the insurer, are rife with conflicts, whether you win a ..
A GUIDE TO HELP YOU CHOOSE.
03 Nov 2014
Accountants, you’ve reached a fork in the road – you must decide by 1 July 2016 whether to become a licensee or act as an authorised representative, or else refrain from advising on SMSFs.
Navigating this decision will depend largely on the services you provide and the value you place on yo ..
AML DEADLINE - 1ST NOVEMBER 2014.
24 Oct 2014
Act now to avoid AUSTRAC action if you don't yet comply with the new AML/CTF Rules.
Effective 1 June 2014, the new AML/CTF Rules require reporting entities to implement enhanced customer identification procedures. This includes:
Reviewing your AML/CTF risks,
Identifying high risk custo ..
REGULATORY RISKS OF CROWD FUNDING.
10 Oct 2014
Crowd funding is an innovative avenue for entrepreneurs to raise capital without going down the path of venture capital or public offer funding. But Australian regulation of crowd funding is still in its infancy.
It's taken off overseas, especially in the US where a considerable number of t ..