by Reece Agland | Oct 1, 2012 | Features
The ATO has been keen to use the expanded definition to take on employers. Therefore, it is important for business and practitioners to understand the broad definition to avoid problems with the ATO and the potential for fines and other costs. Employee/employer...
by Reece Agland | Aug 1, 2012 | Features
The Future of Financial Advice (FoFA) was the Government’s response to the crisis in public confidence in the financial advice sector brought about by the actions of a small number of financial planning businesses that resulted in millions of dollars in investor funds...
by Reece Agland | Apr 1, 2012 | Features
One of the glaring problems with the system is that it is largely a one-size-fits-all approach to policy. While this helps to create a degree of simplicity for the system, it is not conducive to maximising the system’s potential. A new framework In our pre-budget...
by Reece Agland | Feb 1, 2012 | Features
Ban on some payments The Government has released Tranche 2 of the FoFA reforms and committed to a ban on “conflicted remuneration” structures under proposed section 963 of the Corporations Act. “Conflicted remuneration” is defined as any benefit (monetary or...
by Reece Agland | Dec 1, 2011 | Features
The first tranche of FoFA proposals deal with three main issues: introducing a “best-interest” duty, bringing in an opt-in requirement and increasing ASIC’s powers. Best interest duty The accounting profession has long believed that financial advisers, just like...
