Articles by Todd Wills

Accounting

No special treatment for digital assets

SMSF cryptocurrency NFT SIS Act regulations

Digital assets in an SMSF portfolio are still subject to long-established rules regarding their ownership and use despite being recent and emerging financial products.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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Legislation, Superannuation, Tax

Short consultation period a risk

Superannuation earnings tax consultation period

The industry requires a longer consultation period to evaluate the impacts of draft legislation imposing measures like the $3 million soft cap.

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Legislation, Superannuation, Tax

Soft cap tax unjust

Soft cap tax

An industry body has criticised the draft legislation regarding the $3 million soft cap labelling it as being inequitable and problematic.

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Legislation, SMSFA, Superannuation, Tax

Unrealised gains outside super tax scope

Superannuation earnings tax

The SMSFA has once again rejected the inclusion of the taxation of unrealised capital gains in the government’s superannuation earnings tax, following the release of draft legislation yesterday.

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Auditing, Compliance, Platforms, SMSFA

Data vigilance crucial for auditors

Auditing platforms SMSF audits ASF Shelley Banton

SMSF auditors must exercise due diligence in evaluating both the software and data stored within automated auditing platforms to ensure compliance with their professional obligations.

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Auditing, Compliance, SMSF

Auditor independence issues persist

Auditor independence

The ATO is continuing to identify cases where auditors are breaching the independence standards outlined in APES 110 and failing to meet their regulatory obligations.

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Compliance, Legislation, Regulation, Superannuation

Super objective scope unclear

Superannuation objective

Draft legislation to enshrine the objective of superannuation into law does not include any guidance as to whether auxiliary measures would need to align with it.

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