News

Auditing, Compliance, SMSF

Borderline issues require an ACR

ACR Auditor Contravention Report ATO ASIC SMSF Self managed super fund auditor

An Auditor Contravention Report should be lodged with the ATO in situations involving marginal compliance breaches to reduce practice management risk.

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LRBA, Property

LRBA housing market impact overstated

LRBA Limited recourse borrowing arrangement SMSF Association Property

Data has been presented to a parliamentary committee showing the effect LRBA use has had on Australia’s housing market has been exaggerated.

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Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

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financial advice, Financial Planning, Technology

AI to free up client servicing

SMSF Self-managed superannuation administration SMSFAI Olivia Long artificial intelligence

Artificial intelligence will take over routine work in the SMSF space but practitioners should prioritise their focus on its client outcomes.

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NALI/NALE

Good NALE results from recent PBRs

Accurium Broderick FAAA ART SMSF Self-managed superannuation Accurium Mark Ellem NALE Trustee capacity

Accountants using their professional permits when performing work for their own fund without charge will not necessarily trigger the NALE provisions.

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LRBA, Trusts

Single LRBA can acquire several assets

LRBA 13.22C Property Self-managed superannuation SMSF

An LRBA can be used to acquire multiple properties for a development project, but this approach may raise additional compliance risks.

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financial advice, Financial Planning

Advice only for wealthy myth dispelled

FAAA Financial Advice Association Australia David Sharpe Financial advice Cost of advice Value of advice

The FAAA has released research that refutes claims financial advice is a service that only delivers benefits for wealthy Australians.

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AAT, ART

New tribunal operation revealed

Administrative Appeals Tribunal AAT Administrative Review Tribunal

The Administrative Appeals Tribunal transition process to the Administrative Review Tribunal has now been unveiled to the industry.

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ATO, Pensions

TR 2013/5 amplifies ATO discretion

Minimum pension Tax ruling TR 2013/5 Accurium Mark Ellem SMSF Self-managed superannuation

The update to Tax Ruling 2013/5 means the discretionary powers of the ATO will likely be more significant when a minimum pension has not been paid.

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ASIC, Auditing, Compliance

ASIC sanctions 13 SMSF auditors

ASIC ATO SMSF Auditors Self-managed superannuation

ASIC has removed nine SMSF auditors from practice and imposed conditions on four more practitioners after referrals from the ATO.

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