News

ATO, Auditing

Two clear rules for tax agents

The ATO has specified two situations under which it will not allow tax agents to perform an SMSF audit, adding to its practical guidance around the issue.

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Technology

Technology to assist wind-ups

The adoption of technology currently available in the market could provide significant benefits for SMSFs in relation to fund administration, a strategic specialist has said. 

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Pensions

Accepting pension not fait accompli

Reversionary pensions can be knocked back if they threaten other aspects of an SMSF member’s financial arrangements.

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Superannuation

SGC pause sensible at current time

Temporarily pausing the increase in the SGC rate makes sense during a time of recession and flat wages growth, a major accounting body has claimed.

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Auditing

Extension for auditors sought

Extension sought for auditor independence standard

The SMSF Association has sought to extend the deadline by which accounting firms have to comply with the amended auditor independence standard.

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Superannuation

Hume rules out extra top-up measures

superannuation top up

The government won’t be introducing extra measures to top up the super balances of people who made use of the coronavirus-related early release provisions.

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Financial Planning, Investments

Strategy focus must emphasise non-advice

SMSF investment strategies advice

SMSF practitioners have been given a prime opportunity to discuss investment strategies, but must emphasise the discussions are client driven and not advice.

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ATO, Compliance

Missing details most common SAR error

SMSF annual return errors

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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Investments

COVID measure outs inadequate investment strategies

SMSF investment strategies

Inadequate investment strategies were exposed by the minimum pension draw down changes introduced as part of coronavirus relief measures.

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LRBA

LRBA loophole should be left alone

intermediary LRBA loophole

A loophole that leaves intermediary LRBA loans outside of the total super balance add-back provisions has been exposed, but should not be exploited, according to an SMSF legal expert.

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