News : Accounting

Accounting, Compliance, Legislation, Tax

Tax on unrealised gains not new

Treasury unrealised capital gains $3 million superannuation earnings tax

Treasury has stipulated the taxing of unrealised capital gains is not unique to the proposed earnings tax on individual superannuation balances over $3 million.

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Accounting, Administration, Auditing, SMSF

Better auditor contact beneficial

SMSF auditors Audit preparation Accurium Mark Ellem

Stronger and more frequent communication lines between accountants and advisers and their SMSF auditors will make fund audits more efficient.

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Accounting

Reserves accounting needs review

SMSF reserves SMSF administration software Defined benefit scheme

Practitioners and trustees should ensure the SMSF administration software in use complies with the law with regard to the allocation of earnings.

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Accounting, Administration, ATO, Compliance, SMSF

SMSF loans still a compliance risk

SMSF loans ATO Related party transactions

The ATO has urged SMSF trustees to carefully examine any borrowing arrangements in place and verify they are in full compliance with essential regulatory requirements.

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Accounting

No special treatment for digital assets

SMSF cryptocurrency NFT SIS Act regulations

Digital assets in an SMSF portfolio are still subject to long-established rules regarding their ownership and use despite being recent and emerging financial products.

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Accounting, Administration, Contributions, fraud, SMSF, SMSFA

Fraud raises compliance snags

SMSF fraud compliance contributions

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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Accounting, Education, Tax

Accurium expands education arm

Accurium education tax Anthony Cullen Lee-Ann Hayes

Accurium has expanded its education offering, adding a tax trainer and former SuperConcepts staffer to support growth in its services to accountants.

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Accounting, SMSFA

Keep SMSF parts of registry program

SMSF Association

The SMSF Association has called on the government to streamline registry functions related to SMSFs, which would have occurred under the now-cancelled Modernising Business Registers program.

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Accounting, Business News

IPA celebrates milestone

Institute of Public Accountants

An organisation representing accountants from Australia and around the world is about to mark its 100th anniversary.

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Accounting, Contributions, Superannuation

Lost super can become contribution trap

unclaimed super contribution

SMSF members claiming lost super must consider what it will do to their contribution caps if they pay it back into their fund.

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