News : Accounting

Accounting, Administration, Pensions

Legacy pensions require further attention

SMSF administrators and actuarial experts say they still see legacy pensions, such as defined benefit pensions, in SMSFs.

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Accounting, ASIC, Property

ASIC accepts EU from SMSF accountant

ASIC has accepted an EU from an SMSF accountant who received referrals from a property group in relation to setting up SMSFs.

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Accounting, Regulation

Time to review licensing necessity

The head of an industry body has recommended accountants review their service propositions to determine if operating under a licence and complying with FASEA are necessary.

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Accounting

RC recommendations to boost trust in advice

The SMSF Association has welcomed the banking royal commission’s report, saying it has laid the groundwork to improve trust and professionalism in the financial advice sector.

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Accounting, Regulation

Govt unlikely to bring back accountants’ exemption

The federal government is unlikely to be in the mood to reintroduce the accountants’ exemption given recent and ongoing inquiries.

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Accounting, Education, Financial Planning

FASEA confirms relevant degree standards

The Financial Adviser Standards and Ethics Authority (FASEA) has registered the legislative instrument for relevant provider degrees, qualifications and courses.

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Accounting

Merry Christmas

The team at selfmanagedsuper would like to wish all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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Accounting, Retirement, Superannuation

Work test rules intricacies require attention

It is vital for advisers and accountants to be cognisant of the interplay between the bring-forward rules, work test exemption and downsizer contributions, an SMSF expert has said.

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Accounting, Education

FASEA ignores limited licensing regime

The Financial Adviser Standards and Ethics Authority’s (FASEA) draft legislation for education standards fails to “appropriately recognise and account for” the limited licence advice regime, especially for accountants with a licence to provide SMSF advice, according to an industry body.

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Accounting, Auditing

Termination doesn’t end auditors’ statutory obligations

SMSF clients can terminate an auditor’s engagement if they feel the auditor is excessively inquisitive, but section 129 of the Superannuation Industry (Supervision) Act, governing the obligations of actuaries and auditors with regard to fund compliance, can still apply, according to a specialist law firm.

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