Articles by Malavika Santhebennur

Auditing, Regulation

Three-year audit cycle risks auditor liability

The federal government’s proposal for a three-year SMSF audit cycle could increase the risk of auditor liability, with each error potentially being of greater magnitude, according to a lawyer.

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ASIC, Auditing

ASIC reports on SMSF auditor outcomes

The Australian Securities and Investments Commission (ASIC) has removed 76 SMSF auditors from its register since becoming a co-regulator of the SMSF sector in 2013, according to an ASIC report released today.

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Infrastructure, Investments

Pinnacle, BNY Mellon unveil infrastructure fund

BNY Mellon Investment Management is partnering with Pinnacle Investment Management to launch a global infrastructure yield fund that targets retail investors, including SMSFs, and financial advisers.

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Insurance

BT unveils SMSF level premium policy

BT Financial Group (BTFG) has launched a level premium policy replacement process for BT Protection Plans that will allow clients moving their cover from a super fund on a platform, such as BT Panorama, to an SMSF to retain their original entry-age premium rates under the new replacement policy.

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Auditing, Regulation

Risks won’t vanish without auditor oversight

Using appropriate eligibility criteria to determine whether an SMSF qualifies to be audited every three years rather than annually will not mitigate the risks associated with the federal government’s proposal to relax the frequency of sector audits, according to an industry body.

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Administration

Acquisitions boost SuperConcepts fund numbers

SuperConcepts has added 7520 funds during the first half of 2018, which the SMSF administrator attributed to the acquisition of the More Superannuation and SMSF Managers SMSF businesses, along with organic growth.

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Compliance, Regulation, Superannuation

No issue in NALI measure becoming law

The federal government’s non-arm’s-length income (NALI) measure under its Superannuation Taxation Integrity Measures is reasonably non-controversial from a legislative perspective and will become law, according to an SMSF expert.

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Education, Regulation

Advisers monitoring peers akin to whistleblowing

The Financial Adviser Standards and Ethics Authority’s (FASEA) proposal in its code of ethics for advisers to proactively hold each other to account is akin to whistleblowing, according to wealthdigital.

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Auditing, Investments

Court case highlights auditor liability risk

The New South Wales Court of Appeal’s recent decision to overturn the decision of a trial judge and finding an SMSF auditor liable to pay damages for losses incurred by the SMSF illustrates the importance of auditors adhering to their obligations, a lawyer has warned.

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ASIC, Regulation

ASIC gets enforcement funding boost

The federal government has announced a further $70.1 million in funding for the Australian Securities and Investments Commission (ASIC) to boost its enforcement capability.

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