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Page 1: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience
Page 2: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

Benjamin Marshan CFP® LRS®

Head of Policy and Government Relations

LATEST UPDATE FROM FPA

Page 3: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

2016 ROADMAP

Jan Feb Mar Apr

Aug Jul Jun May

Sep Oct Nov Dec

FOFA

$

A U ST RAC

Page 4: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

2016 ROADMAP

Jan Feb Mar Apr

Aug Jul Jun May

Sep Oct Nov Dec

FOFA

$

A U ST RAC

Page 5: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

Financial Adviser Register

CPD +Code of Ethics

Enshrinement of TermsFinancial

Planner/AdviserDegree + Exam

+ Professional Year

Financial Planning Profession

Page 6: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

1 January 2019• Degree• PY• Exam• CPD

1 January 2019• Degree – 5yrs• Exam – 2yrs• CPD

1 January 2020• Code of Ethics• Monitoring Schemes

1 January 2021• Exam Ends

1 January 2024• Transition Ends

PROFESSIONAL STANDARDS & EDUCATION FRAMEWORK

Page 7: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

Notification Date

Registration expiration

1/7/14 to 31/12/14

By 31 January 2018

1/1/15 to 30/6/15

By 31 October 2017

1/7/15 to 31/12/15By 31 July 2017

TAX PRACTITIONERS BOARD

Fit and Proper

Professional indemnity insurance

• CPE• Qualifications and Experience

Individuals

• Sufficient number

Companies/Partnerships

Page 8: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

TAX PRACTITIONERS BOARD

Tax (financial) adviser qualifications and experience pathwaysPrimary Qualification Board Approved Courses

Australian CommercialTaxation law law

Experience

Standard Options

301Tertiary Qualifications

Degree or post-graduate award in relevant discipline ✔ ✔ 12 months relevant

experience in the past 5 years

302Diploma or higher award

Diploma or higher award in a relevant discipline ✔ ✔ 18 months relevant

experience in the past 5 years

303Work Experience ✖ ✔ ✔ 3 years relevant

experience in the past 5 years

304Membership of professional association

Voting member of a recognized tax (financial)

adviser or tax agent association

✖ ✖ 6 years relevant experience in the

past 8 years

Page 9: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

TAX PRACTITIONERS BOARD

1 to 5

From 1 January

2016 Tax Law Approved

Page 10: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

TPB Information Sheets

Managing conflicts of

interest

Applying tax law correctly

Ascertaining client’s state of

affairs

Acting in best interests

Cloud computing

Confidentiality

TAX PRACTITIONERS BOARD

Page 11: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

Accountants exemption Reports Remediation

Programs

Digital Advice MDA Sharing information

SOA simplification

Life insurance remuneration

Funding model

ASIC

Page 12: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

80/20 from 1

January 2018

70/20 from 1

January 2019

60/20 from 1

January 2020

Year 1 clawback

100%

Year 2 clawback

60%

Year 3 No Clawback

LIFE INSURANCE FRAMEWORK

Page 13: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

SUPER

Concessional Contributions

$25,000 cap for everyone

CC catchup5 years if balance <$500K

30% tax if income & super >$250K

Low income super tax offset

Removal of 10% rule

Over 65s must meet work test

Non-Concessional Contributions

$100,000 cap (if under $1.6mil)

3 year bring forward

Spouse tax offset up to $40,000

Pensions

$1.6m transfer balance cap

15% tax on TTR in fund earnings

No TTR lump sum payments

Innovative new retirement income stream products

Page 14: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

SUPER STRATEGIES

Concessional Contributions

Keep one spouses balance below $500k

Personal deductible contributions any time

Spouse splitting

Non-Concessional Contributions

Use higher caps this FY

Contribution splitting

Pensions

Roll back some of beneficiaries pension

to accumulation to minimise death benefit cash out

Start a small pension for disabled

beneficiaries to increase transfer

balance cap

Page 15: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

2017 ROADMAP

Jan Feb Mar Apr

Aug Jul Jun May

Sep Oct Nov Dec

$

FOFA

Opt-In

fPA

A U ST R AC

Unknown

A U ST R AC

Page 16: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

2017 ROADMAP

Jan Feb Mar Apr

Aug Jul Jun May

Sep Oct Nov Dec

$

FOFA

Opt-In

fPA

A U ST R AC

Unknown

A U ST R AC

Page 17: Benjamin Marshan CFP - FPA - the home of qualified ...€¦ · LATEST UPDATE FROM FPA. 2016 ROADMAP. Jan Feb Mar Apr Aug Jul Jun May Sep Oct Nov Dec ... 18 months relevant experience

Questions

?