Articles by Tharshini Ashokan

Estate Planning

Barriers to litigation key in estate planning

SMSF estate planning

Advisers should put barriers in place to protect clients’ wealth structures, including SMSFs, from legal disputes eating into their family estate upon their death.

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Regulation, Superannuation

Flexibility key win with six member funds

six member SMSFs

Raising the member limit for SMSFs will introduce more flexibility into the current system without posing additional administrative risks for funds, the SMSF Association has said.

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Regulation, Superannuation

Six member funds to cut compliance costs

six member SMSFs

The move to six member SMSFs would lead to a welcome reduction in the total number of SMSFs, lowering costs for the ATO and for the taxpayer, an independent statutory agency says.

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Regulation, Superannuation

Six members will magnify issues

six member SMSF funds

Problems with SMSF structures and membership will be heightened by the increase from four to six member funds, CPA Australia has claimed.

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Accounting, Auditing

Tech to ease auditor independence compliance

auditor independence

Technology could play a vital role in business continuity for firms concerned about how best to adapt to new auditor independence standards in order to remain compliant.

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ATO, Auditing

ATO confirms auditor report NALE requirements

SMSF auditors NALE

The ATO has stated SMSF auditors are not required to modify their independent reports with respect to NALE where the compliance approach in PCG 2020/5 applies.

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Accounting, Auditing

Firms adapting to comply with new guidelines

auditor independence standards

Accounting firms are beginning to focus on the operational changes needed to remain compliant with new auditor independence standards, an SMSF audit and administration software provider says.

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Auditing

Routine and mechanical not easy exemption

routine and mechanical auditor

Routine and mechanical in the context of the new auditor independence standards is unlikely to be used as a get-out-of-jail-free card by auditors, an SMSF audit expert says.

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Pensions

ATO seeks insight into pension relief measure

pension drawdown relief

The ATO is conducting research into the uptake of the COVID-19 minimum pension drawdown relief measure among SMSFs.

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Investments

Advised SMSFs unfazed by market volatility

SMSF asset BT

SMSFs’ asset mix on BT Panorama has remained fairly consistent despite heightened market uncertainty caused by the COVID-19 pandemic.

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