Changes to the temporary full expensing measure have now sailed through both houses of Parliament despite opt-out rules failing to include entities that use small business depreciation.
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ASIC releases technical updates to RG 246
ASIC today released technical updates to Regulatory Guide 246 Conflicted and other banned remuneration (RG 246) to reflect recent changes to the law.
The updates to RG 246 reflect:
the end of the grandfathering of conflicted remuneration for financial product advice from 1 January 2021; and
the extension of the ban on conflicted remuneration to stamping fees paid in relation to listed investment companies and listed investment trusts (excluding real estate investment trusts) that took effect on 1 July 2020.
The ban on conflicted remuneration for financial product advice applies to all benefits given on or after 1 January 2021. Product issuers are required to provide rebates to clients for all previously grandfathered benefits that they remain legally obliged to pay on or after 1 January 2021.
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