News

Auditing

Audit partners in firing line

Specific senior executives from accounting firms should be wary if their organisation breaches the new auditor independence standards, a specialist practitioner has said.

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ASIC, Superannuation

Property developer sentenced for SMSF fraud

A former Queensland property developer has been sentenced to five years’ imprisonment for defrauding SMSF investors.

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Superannuation

Foreign transfers need clear reporting

SMSFs can receive funds from foreign pension schemes, but must ensure they report the transaction correctly at both ends, an SMSF administrator has advised.

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Education, FASEA

Pass rate for FASEA exam falls

The latest exam results from FASEA have revealed a significant drop in the pass rate compared to previous exams.

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Appointments

IPA appoints new president

The Institute of Public Accountants has elected a new president.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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Investments

Capital-raising relief measures punish SMSFs

Capital-raising relief SMSFs

The capital-raising COVID-19 relief measures implemented by ASIC and the ASX have advantaged large institutional investors and penalised SMSF and retail shareholders, the SMSF Association says.

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Strategy, Superannuation

Control is driver for fund set-ups

Control SMSF establishment

A new survey has confirmed control over retirement income investments is the chief reason for the establishment of SMSFs.

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Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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ATO, Documentation

Asset valuation breaches spike

Asset valuation breaches SMSF

Compliance breaches regarding the valuation of SMSF assets have risen significantly over the past few years, the ATO has revealed.

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