Articles by Tia Thomas

ATO, Superannuation

SuperStream start date fixed

SuperStream rollover

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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Strategy

Balance equality boost from new rules

work test SMSF

It will be easier for spouses who are members of the same SMSF to even up their superannuation balance in the 2023 financial year due to the change in the work test rule.

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Regulation, Superannuation

Six-member time frame will create delays

six-member SMSF delays

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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Education, FASEA

FASEA releases May exam results

FASEA exam results

The Financial Adviser Standards and Ethics Authority (FASEA) has released the results from the May exam with almost 70 per cent of candidates passing.

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ATO, Auditing

ATO releases new valuation guidelines

SMSF asset valuation

The ATO has updated its SMSF asset valuation guidelines, but has reminded trustees and auditors of the need to have accurate information.

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ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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ASIC, Cryptocurrency

ASIC seeking best practice in crypto offerings

ASIC crypto-assets investors

ASIC has raised concerns about how ETPs and other investment products provide access to crypto-assets for retail investors.

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Accounting

Year-end investment strategy review wise

SMSF strategy review

The super fund investment strategy should be reviewed annually in conjunction with the end of the financial year.

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ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

FPA Better Advice bill

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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