News : Accounting

Accounting, Auditing

Firms adapting to comply with new guidelines

auditor independence standards

Accounting firms are beginning to focus on the operational changes needed to remain compliant with new auditor independence standards, an SMSF audit and administration software provider says.

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Accounting

ATO prepares for member rise

six-member SMSFs

The ATO is preparing to accommodate the legislative change that will allow a maximum of six people to be members of an SMSF.

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Accounting, Auditing

Auditor pick key for accountants

SMSF auditor

The impact of a change of auditor on an accounting firm performing the administration for SMSFs needs careful consideration, a specialist practitioner has said.

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Accounting

Be cautious around SMSF loan discussions

SMSF loan refinancing

Accountants have been warned to tread lightly when discussing SMSF loan refinancing in the coming months and be certain to keep their advice within tight limits.

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Accounting

Trustee removal may be best dispute outcome

trustee removal

Arguments over member rollouts could justify a trustee being removed if the trustee is shown to be acting against the best interests of the fund, an SMSF legal expert says.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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Accounting, Financial Planning

Licensing forces industry to rethink roles

licensing accountants advisers

AFS licensing requirements will push more advisers to specialise over time, allowing accountants to take on the role of the generalist for the SMSF sector.

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Accounting, Practice Management

COVID-19 highlights vital offshoring framework

accounting offshoring

COVID-19 business restrictions for accounting firms have highlighted the need for detailed risk management plan when looking at offshoring arrangements.

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Accounting

Time for careful contribution planning

superannuation contribution planning

June is a good time to strategise how to maximise superannuation contributions and make the most of the rules to ensure clients get the best outcomes.

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Accounting

Accountants chase SMSF clients

Accountants more SMSF clients

Accountants have expressed a desire to add more SMSF clients to their books of business, according to the latest industry research.

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