Australia is currently grappling with a complex web of regulatory reforms, which has left many advisers in a state of limbo. In this episode of the SMSF Adviser podcast, hosts Keith Ford and Aaron Dunn discuss the pressing issue of financial advice reform.

One of the most troubling issues is in the advice sector, and after nearly three years since the Quality of Advice Review (QAR) report was delivered, the sector is still waiting for significant progress.

• Listen as Keith and Aaron discuss:
• The fragmented nature of the regulatory framework.
• The challenges in the requirement for an account number on fee consent forms.
• The government's focus on super, particularly in the retirement phase.
• Technical aspects of SMSF management, including deferred tax accounting.
• Recent actions by ASIC against SMSF auditors.

In the latest episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn break down some of the alternative methods to remove concessions for large super balances without resorting to taxing unrealised gains, with a range of options being delivered in recent weeks.

The IFPA put forward compulsory cashing, while Geoff Wilson and Wilson Asset Management offered up a progressive super surcharge model, with both looking to meet the government’s stated aim for Division 296 in a manner that leaves unrealised gains untouched.

Listen as they discuss:

• What is missing when the government talks about liquidity and diversity requirements for super funds that hold farmland.
• The spike in SMSF-related complaints to AFCA, largely on the back of major financial failures like United Global Capital.
• When Division 296 is likely to land back in parliament.

The increase of the transfer balance cap from $1.9 million to $2 million is not as simple to understand as it seems. In this SMSF Adviser podcast, hosts Keith Ford and Aaron Dunn discuss the implications of the TBC rise implemented at the start of the new financial year with industry stalwart David Busoli.

While this shift appears straightforward, it brings complexities, particularly for existing pensioners, due to the intricacies of proportional indexation. Busoli explains how proportional indexation is a critical concept in understanding how the TBC affects individuals and how, for people just starting their pension phase, the indexation process presents several challenges.

Listen as they discuss:

• The necessity for accurate data to ensure proper management of transfer balance accounts.
• Broader implications of the TBC changes, including the impact on non-concessional contributions.
• The ongoing challenges within the SMSF sector, particularly in managing the intricacies of the transfer balance cap and ensuring accurate reporting.
• Division 7A and its implications for limited recourse borrowing arrangements within SMSFs.