Articles by Krystine Lumanta

ATO, Compliance

‘Disqualified persons’ needs better explanation

Accountant; SMSF; defrauded

SMSF practitioners must ensure they educate all prospective trustees on the definition of a disqualified person as many are unaware of what it means and some could find they are not permitted to act as an individual or corporate trustee.

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Auditing

BDO calls for fresh SMSF audit review

BDO Australia’s superannuation partners have written to new federal Treasurer Josh Frydenberg and Assistant Minister for Treasury and Finance Zed Seselja to direct their attention to the significant unintended consequences of the introduction of a three-yearly audit cycle for SMSFs.

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Auditing

Trustees left exposed under triennial audits

SMSF administrator and software provider SuperConcepts has strongly warned against leaving trustees at risk of mistakes and potential fines under the proposed three-year audit regime.

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Accounting, Compliance

Strong response to accountants’ exemption

The Institute of Public Accountants (IPA) has revealed it has received support from its members to lobby for the return of the accountants’ exemption, with plans to notify the federal government as soon as possible rather than wait for the next election.

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Compliance

SMSFs must tackle looming dementia issue

The reality of mental incapacity later in life needs to be urgently addressed by all SMSF trustees and practitioners to protect against complex scenarios and outcomes, an SMSF expert has warned.

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Investments, Portfolio Construction, Retirement

SMSFs confident in navigating retirement

Decision-making in retirement is generally better embraced and managed by SMSF trustees compared to non-SMSF superannuants, an investment manager has said.

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Estate Planning

New tool simplifies estate planning

SuperCentral has announced a first-to-market estate planning tool, Ask.Will, aimed at helping advisers initiate estate planning discussions with clients through a simplified process.

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Strategy

Small business CGT underused

Many SMSFs may still be unaware they qualify for small business capital gains tax (CGT) relief where the capital gains for the sale of their business can be directly contributed into their fund, a technical expert has said.

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Estate Planning, Strategy

SMSF estate planning money at high risk

The SMSF sector can expect estate planning lawyers to pounce on the “treasure trove” of SMSF estate planning money for easy fees and wins, an industry expert has warned.

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ETFs, Investments

Vanguard unveils managed account strategies

Vanguard Australia has announced its diversified portfolio strategies are now available through Macquarie’s separately managed accounts on its wrap platform.

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