Articles by Krystine Lumanta

ATO

IT underinvestment not cause of outages: ATO

The ATO has stated that underinvestment in its technology infrastructure is not to blame for its bout of website and portal outages.

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Auditing

Ignoring deed riskier with super changes

The SMSF trust deed can easily be overlooked by auditors and advisers due to its lengthy, legal and technical nature, but the new super reforms have reinforced its importance, an auditor has warned.

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Practice Management

TBAR requires shift to software

Advisers and accountants reporting under the transfer balance account report (TBAR) regime for their pension SMSF clients must now be using up-to-date software in their practices rather than spreadsheets, an administrator has warned.

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Accounting

Reforms fortify accountants’ role

Accountants have been told to step up to the challenge of servicing their SMSF clients as their role has only been reinforced by the new super reforms, along with the added requirements around the ATO’s transfer balance account report (TBAR) regime.

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Practice Management

Scope of automation no threat to advisers

Illustration of a boat passing icebergs.

The current capability of automation within SMSF administration services was not yet at a point where it could be substituted for the judgment of a human adviser, according to a panel of executives.

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Profiles

One on one with…Lee Virgin

Leedam Sheppard & Associates principal adviser Lee Virgin shares his organic journey into the SMSF space.

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Features

2017 SMSF Roundtable: Thrashing out the super reform riddles

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On 9 May, Treasurer Scott Morrison delivered his second federal budget, which contained two new measures impacting on superannuation – the ability for Australians over the age of 65 to contribute $300,000 into their super fund from the proceeds of downsizing their home regardless of their transfer balance cap status, and the First Home Super Saver Scheme.

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Compliance

Related-party LRBA benchmarks may turn costly

SMSFs with related-party limited recourse borrowing arrangements (LRBA) could face further administrative expenses and will require more time and effort if standardised benchmarking across all types of transactions becomes an expectation of the regulator.

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Superannuation

National default super idea problematic

Introducing a national default superannuation scheme is a good idea in theory, but in reality would present numerous issues for the super sector, an industry executive has warned.

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ATO

No TBAR for family law, fraud cases

Birds perched on power lines.

The ATO has clarified SMSF trustees who experience family law cases, fraudulent activity or bankruptcy that affects their transfer balance cap will be required to follow a separate process to the transfer balance account report (TBAR) regime.

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