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Articles

Christmas Parties - FBT & Income Tax
FBT - Christmas Parties and Taxi Fares
Superannuation Funds Allowed to Give Guidance
Plan for the Tough Times
Significant GST Benefit for Some Property Developers
Super Fund Binding Nominations - Maybe Not

Property Trusts Redemption Suspension

Would you want to be a Car Retailer?

Record Keeping in the Electronic Environment
Always lodge your Activity Statement - even if nil
Activity Statement Variations?  Act Now
Superannuation Funds Allowed to Give Guidance
As yet another repercussion of the global credit crisis, the rules regarding financial advice have changed.

Australian Securities & Investments Commission has granted superannuation funds temporary relief (if they apply) to help members.

Until now a superannuation fund is not permitted to give any advice, but it can always provide information.

Now it can provide ‘guidance' as long as that is not advice.

The guidance is limited to explanations of types of investments, implications of rollovers and loss of benefits, tax and insurance consequences and reminders about the long-term nature of superannuation and return/violability characteristics.

Is that really much help to anyone in a panic?  Unfortunately, funds and to a lesser extent advisers are constrained upon what can be said in a telephone conversation.

Further relaxing of rules is warranted.

 

 

 

 

 



17th-December-2008