News : Accounting

Accounting, Administration

Annual reporting no longer fit for purpose

SMSF annual reporting

The annual reporting model used by most SMSFs should be replaced by more frequent reporting because of the introduction of the TBA and TSB, an SMSF expert says.

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Accounting

CFSGAM renamed as First Sentier

CFSGAM First Sentier

The acquisition of Colonial First State Global Asset Management by Mitsubishi UFJ Trust and Banking Corporation has been reflected in the business being rebranded as First Sentier.

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Accounting

Accountants could miss huge SMSF opportunity

accountants overlooking SMSF opportunity

While demand for financial advice from accountants is on the rise, recent research has shown this professional group is largely ignoring this trend.

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Accounting, Regulation

Industry overstating NALI impact

non-arm’s-length income statistics

The SMSF sector is placing more importance on the non-arm’s-length income rules than is warranted by ATO statistics, according to an accounting body.

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Accounting, Financial Planning

Accountants not solution for financial advice gap

accountants financial advice gap

Accountants are unlikely to complete further education to step into the financial advice sector as its revenues decline and practitioners leave.

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Accounting, Tax

Treasury puts accountants’ exemption back on table

Treasury accountants exemption

A Treasury discussion paper has flagged allowing accountants to provide basic SMSF advice without being licensed and moving financial planners from under the tax licensing regime.

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Accounting, Superannuation

SMSF sector leads in growth, assets

SMSF sector growth assets

A new report into the financial services industry has highlighted the strong growth of the SMSF sector, which continues to hold a dominant place within superannuation.

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Accounting, Estate Planning

Estate planning ripe for accountant involvement

accountants estate planning

SMSF accountants should consider offering estate planning services to clients as few other groups are currently meeting their need for advice.

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Accounting, Education, FASEA

FASEA exam offers licensing window for accountants

FASEA exam accountants

Accountants who are not licensed to provide SMSF advice should complete the FASEA exam to prevent having to requalify from scratch in the future.

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Accounting

Rollover recourse important to know

SMSF rollover problems

Knowledge about recourse action in the event of delayed SMSF rollover requests is an area where advisers can add value for their clients.

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