News

Auditing

Key audit materials should be used

SMSF auditors should use key materials such as guidance statements as the basis for their processes to make them as robust as possible.

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Tax

Wider impact of conduct code a worry

IFPA has warned the proposed changes to the Tax Agent Services Act Code of Professional Conduct may negatively impact small tax practices.

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Insurance

Premium deduction choices clarified

The ATO has noted SMSFs claiming deductions for insurance premiums can only do so under two parts of the tax laws and where one is disallowed, the other may apply.

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Pensions

No barrier to changing pension providers

Super fund members are not restricted from changing pension providers, but should ensure the rollover retains any benefits and is a like-for-like transition.

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ATO, Auditing, Compliance

Static asset values can be legitimate

There can be legitimate reasons as to why an SMSF asset has not changed in value over several years, but auditors must document their presence.

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Pensions

Two pensions not always a burden

Super fund members looking to combine pensions may prefer to alter them to gain tax advantages that may not exist under a single income stream.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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ATO, Auditing

SMSF auditor independence targeted

Recent action against SMSF auditors clearly indicates regulators are enforcing the independence standards for the betterment of the sector.

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ATO, Compliance

Trustee non-compliance increasing

Auditor contravention reports lodged with the ATO have shown a jump in non-compliance among SMSF trustees over recent years.

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Death benefits, Documentation

Claim staking essential for death benefits

SMSF trustees not bound by directions as to who should receive a death benefit should check all possible claims, even though this process is not required under law, to avoid possible disputes.

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