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With increasing enquiries from SMSFs on potentially adding extra members to the fund, funds may need to be aware of potential tax impacts for pension members which can have adverse effects on investments, with the need to take greater care around managing different outcomes for the fund strategy, according to a technical specialist.
An increase in the FASEA exam fee as part of government’s Better Advice Bill draft regulations is a result of declining adviser numbers, according to an Association of Financial Advisers (AFA) head.
With the changes to the number of members allowed in an SMSF, funds considering adding members can consider various structural differences that can impact the SMSF especially in the transition to a corporate trustee, says a technical specialist.
The Your Future, Your Super reforms could put advisers under fresh scrutiny, this time directed from their clients.
The government has released new draft regulations and legislative material for consultation to support the incoming advice reforms from the Better Advice Bill.