Articles by Todd Wills

ASIC, ATO, Auditing, Compliance

ATO clear on audit compliance expectations

SMSF auditors ATO ASIC QC 45566 Compliance

The ATO is taking a strong approach to compliance by SMSF auditors and has provided clear guidance on what it expects them to do.

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Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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Appointments, financial advice

Vic firm bolsters management team

Morrows Appointment Executive team SMSF

A financial advisory firm that offers services to SMSF trustees has made six appointments to its executive leadership team.

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Retirement, SMSF, SMSFA, Superannuation

SMSF Association opposes RIC inclusion

SMSF Association Investment strategy Retirement Income Covenant

The SMSF Association believes communication at crucial stages of the SMSF journey would be a more practical strategy to realise the aims of the Retirement Income Covenant.

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Legislation, Superannuation, Tax

$3m soft cap tax concerns left off table

$3m soft cap tax Consultation Total superannuation balance Associated earnings SMSF

During the initial consultation phase for the proposed $3 million soft cap, industry feedback was not sought regarding certain key aspects of how the tax would operate.

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Legislation, Regulation, Retirement, SMSF, Superannuation

RIC unnecessary for SMSFs

SMSF Retirement Income Covenant Investment strategy IFPA

The government is being encouraged to exclude SMSFs from the provisions of the Retirement Income Covenant after it recently raised the possibility of their inclusion.

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Appointments, Business News

Cooper joins Bennelong board

Appointment Bennelong Funds Management John Burke Jeremy Cooper

Retirement income specialist Jeremy Cooper has joined the board of Bennelong Funds Management as a non-executive director.

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Auditing, Compliance, SMSF

Lower-cost audits fraught with risks

Auditor independence standards SMSF auditors APES 110 Auditing services Low-cost

The increasing use of cheaper, outsourced SMSF auditing services may pose new risks in relation to upholding the independence standards for auditors in the sector.

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Contributions, Education

Heffron unveils intermediate SMSF course

SMSF Education Heffron Super Extension Super Foundations

Heffron has broadened its educational options for professionals seeking to delve deeper into their SMSF understanding beyond the entry-level Super Foundations course.

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