News : Accounting

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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Accounting

Clarity sought on aged-care reform bill

Aged care Reform Funding Draft legislation Association of Independent Retirees

A body representing self-funded retirees has called on the government to provide additional detail on the costing and funding contained in the draft Aged Care Bill 2023.

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Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Accounting, financial advice

Opposition looking at accountants advice

Quality of Advice review QAR accountants financial advice Angus Taylor

The opposition is looking at how accountants can be included in the provision of financial advice after noting their absence from industry reforms.

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Accounting, financial advice

Advice barrier to entry needs fixing

AFSL Accountants Financial advice New entrants supervision

A significant influx of accountants into the financial advice sector will not happen unless a fundamental licensing requirement is changed.

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Accounting, financial advice, SMSF

Advice a must for accountants

Financial advice Accountants Quality of advice review

Accountants must be allowed to play a greater role in providing financial advice so more Australians can satisfy their unmet needs in this area.

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Accounting, Aged Care

AccountantsIQ launches aged-care service

Aged-care, AgedCareIQ, AccountsIQ

An accounting service provider has released an offering for accountants and their clients tailored specifically for the aged-care sector.

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