News

Auditing

Internal controls key audit item

Internal controls

The internal controls of an SMSF need to be taken into account when performing an audit, regardless of the type of audit being carried out, a specialist practitioner has said.

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ATO, Superannuation

Contributions level out after 2017 reforms

SMSF contributions

The SMSF sector reverted to normal in 2017/18 after uncharacteristically high contributions in 2016/17, the latest ATO data shows.

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Retirement

Call for mandatory longevity risk obligation

Longevity risk

Superannuation trustees should be obligated to include products to address longevity risk for members, a dialogue paper has suggested.

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Property

DomaCom snaps up first asset for new product

DomaCom property

DomaCom has acquired its first rent-to-own property as part of its new equity model product.

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Superannuation

SMSFA to aid COVID-19 recovery

COVID-19 recovery

The SMSF Association is aiming to formulate policy in conjunction with the National COVID-19 Coordination Commission to define roles the sector can play in assisting the nation’s economic recovery after the coronavirus pandemic.

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Pensions

Death pension ECPI has no set time frame

Death pension

Death benefit pensions that require an extended period of time to be paid can still qualify for exempt current pension income, a technical expert has said.

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Financial Planning

Advice curbs COVID-19 financial worries

COVID-19 advice

Australians who seek financial advice are less concerned with the financial impact of COVID-19 compared to those who don’t seek advice, a survey has shown.

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ATO, Regulation

Death benefit lump sums unclear

Death benefit lump sums

The ATO is yet to clarify if multiple lump sum payments can be made from death benefit pensions.

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Financial Planning

Tech stacks not meeting adviser needs

Technology stacks

Financial planners are relying on their technology stack in greater numbers in order to engage with clients, but many believe their platform and advice software needs are not being met, research has revealed.

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Business News

Class acquisition gains traction

Class acquisition

Superannuation administration service provider Class is reaping the rewards from its purchase of NowInfinity.

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