News : Accounting

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The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.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

Confusion over super tax reporting

Annual return SMSF Untaxed Tax-free Accounting

Misunderstanding the difference between taxable and tax-free components of superannuation benefits is causing some accountants to file incorrect annual returns for their clients.

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Accounting, Superannuation

Money paid doesn’t define tax dependant

tax dependant ATO private binding ruling superannuation death benefit Adviser Digest Peter Johnson

An individual will not be considered a tax dependant on the basis that a super member has paid money to them for financial support.

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Accounting, Auditing

Static asset values should be questioned

SMSF accountant SMSF auditor Asset valuation Market valuation DBA Lawyers Bryce Figot ATO

Asset values that are unchanged from year to year should not be accepted and auditors and accountants need to request evidence for the lack of movement.

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Accounting, Tax

Tax agent switching requires care

SMSF ATO TFN ABN Client linking SMSF Association

The SMSF Association has emphasised the need for tax agents to acknowledge a critical detail when executing a new fund authorisation.

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Accounting

Check declarations in older trust deeds

SMSF Trust deed Trustee declaration Accurium SIS Act SIS Regulations

Older SMSF trust deeds may not contain a declaration that the trustees will comply with their legal obligations and this should be revisited, especially where changes have taken place in that document.

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Accounting, Education, Superannuation

Super literacy low for cash-strapped

Financial literacy Superannuation Ecstra Foundation

Financial literacy around superannuation is poor for many lower-income people, who still question why they can’t access their funds until retirement age.

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