Articles by Tharshini Ashokan

Auditing

New standards to alter trustee view of audits

independence standards

The new auditor independence standards will result in an improved perception of the SMSF auditor’s role by trustees, an SMSF specialist says.

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Appointments, Superannuation

Fintech hires ahead of expansion into SMSFs

Stake SMSF expansion

Australian fintech company Stake has hired superannuation expert Kris Kitto as part of its plan to move into the SMSF sector.

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Accounting, Strategy

Workflow mapping key in meeting client demand

workflow SMSF

Planning annual workflow is essential to a firm’s ability to complete SMSF client work, but is a commonly overlooked area by accounting business owners, an accounting outsourcing specialist says.

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ATO, Auditing

High-risk contraventions on rise

High-risk contraventions

The proportion of auditor contravention reports compared to SMSFs remained low over the 2020 financial year, but a rise in the number of high-risk and unrectified reports is cause for concern, the ATO says.

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Retirement

Holistic models best for retirement outcomes

holistic retirement models

SMSF advisers should rely on more robust and holistic modelling when assessing retirement to enable informed decision-making, a technical expert says.

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ATO, Superannuation

ATO prevents illegal access to $126m

ATO illegal access SMSFs

The ATO’s front-door compliance program for SMSFs prevented illegal access to over $126 million in retirement savings during the 2020 financial year.

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Documentation

Backdating concerns may be unfounded

SMSF document backdating

Advisers may be too concerned about backdating and being in breach of the Financial Adviser Standards and Ethics Authority’s Code of Ethics, an SMSF technical expert says.

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LRBA

Loan relief extended for SMSFs with LRBAs

Loan relief SMSFs

The six-month loan relief period provided to SMSFs by related-party lenders in line with the Australian Banking Association’s commercial loan COVID-19 relief criteria has been extended by four months.

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Accounting, Auditing

New standards allay accountant fears

SMSF auditor standards

The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

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ASIC

Developer guilty of defrauding SMSF investors

property developer SMSF fraud

A former Queensland property developer has been found guilty of six counts of fraud involving amounts obtained from SMSF investors totalling $345,000.

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