News : Accounting

Accounting

TRIS overpayment guidance needed

More guidance is needed to ascertain whether the ATO will provide discretion for SMSF members who overpay a TRIS after existing information was withdrawn by the regulator.

More guidance is needed to ascertain whether the ATO will provide discretion for SMSF members who overpay a TRIS after existing information was withdrawn by the regulator.

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Accounting, Legislation, SMSF, Superannuation, Tax

Board finalises conduct code guidance

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

Tax agents must adhere to eight new reforms finalised last month by the TPB, which is committed to supporting the transition via education.

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Accounting, Retirement, SMSF, Superannuation

End-of-year break time for super check-up

Super fund members should use the holiday break to check the status of their retirement savings and consider whether they needed to seek financial advice.

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Accounting, Investments

Concerns over accountant certificate penalties

SMSF Association Chartered Accountants Australia and New Zealand CPA Australia Institute of Public Accountants accountants' certificates wholesale investor test

A coalition of industry bodies has rejected a proposal for penalties on the negligent issuance of accountants’ certificates and reiterated its call for their removal altogether.

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Accounting, Death benefits, Pensions

Death benefit pensions account agnostic

Death benefit pension Preservation age Reversionary Non-reversionary

A death benefit pension does not need to be commenced from any particular type of account held by the primary member prior to their death.

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Accounting, Legislation, SMSFA

AML rules should exempt SMSF addresses

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 Counter-terrorism financing Anti-money laundering SMSF Corporate trustee Accountants Address

The anti-money laundering provisions should not view SMSFs using the address of an accountant in its official records as suspicious.

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Accounting, Compliance, Superannuation

Bookkeeping can add compliance risk

SMSF Self-managed superannuation fund Excess contribution Illegal early access Loan Classification Condition of release

The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.

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Accounting

Betashares completes Bendigo Super purchase

Betashares Bendigo Superannuation Acquisition Alex Vynokur

Betashares has completed the purchase of the superannuation operations of Bendigo and Adelaide Bank and plans to expand its service offering to members

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Accounting

BDO signs on with SuperMate

SuperConcepts SuperMate BDO Partnership Paul Rafton Andy Forbes

Accounting and advisory firm BDO will use the SuperMate platform to manage its client SMSFs under a new partnership agreement.

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Accounting

Division 296 asset valuation caution

Dan Butler DBA Lawyers Division 296 Asset valuations SMSF Self-managed superannuation fund

SMSF members should look at the best valuation of fund assets to offset the impact of the Division 296 tax, but should be cautious about what value they record.

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