News : Accounting

Accounting, Education

FASEA bridging course should be practical

AccountantsIQ has called on the Financial Adviser Standards and Ethics Authority (FASEA) to make its one-unit bridging course for accountants relevant and practical if it does not exempt accountants from further study to meet new education and professional standards.

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Accounting, Strategy, Superannuation

Manual ECPI now impractical

The new guidelines for calculating exempt current pension income (ECPI) require additional record-keeping, potentially covering several accounting periods and more data, and are more difficult to apply, meaning specialised software is critical to avoid mistakes.

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Accounting

Yield-only fixation brings unnecessary risks

SMSF trustees must not simply chase yield as they may be subjecting their portfolios to unnecessary risks, according to AMP Capital.

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Accounting

Long road to repairing adviser reputation

A report naming the top 50 financial advisers for 2018 is a positive step in helping to rebuild the advice industry’s battered reputation, but the road to redemption will be long, according to an SMSF industry body.

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Accounting

SMSF property exposure remains steady

An industry survey has revealed SMSF portfolio allocation to the property sector increased only slightly from 19 per cent to 19.5 per cent in the March quarter.

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Accounting

Triggers key to SMSF software change

Many SMSF accounting firms struggle to identify the best software solution for their circumstances and often choose technology under duress rather than recognising the triggers to allow for a critical review of their current platform.

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Accounting

Accountants lagging in SMSF lodgements

Accountants are 10 per cent behind on their SMSF annual return lodgements compared to the end of May last year, despite a deadline extension, according to Class Super.

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Accounting

Accountants still worried about advice

Accountants remain concerned about how they are going to execute their SMSF business in light of the new advice education standards and the limited licensing regime, according to AccountantsIQ.

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Accounting

Limit accountants to one bridging course

Designer using a laptop to study.

The professional standards body should recognise the professional study accountants have undertaken in the past and only require them to layer it with advice-related study, according to AccountantsIQ.

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Accounting

Anecdotal evidence of poor CGT advice

Close-up of an index finger about to press a button.

A technical expert has expressed his concerns about the poor quality of advice some SMSF trustees have admitted to receiving with regard to the super reforms capital gains tax (CGT) relief provision.

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