News : Administration

Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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Administration, Documentation

Annual return sign-off timing important

SMSF annual return sign-off

The procedural timing for the sign-off of an SMSF annual return is critical and carried out incorrectly can result in compliance issues and penalties.

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Administration, Superannuation

COVID-19 residency relief exists

residency status SMSF return

COVID-19 relief exists for the rules governing the definition of an Australian super fund, eliminating the need to report a change in residential status on the 2020 SMSF annual return, a technical expert has said.

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Administration

Administrator offers data-matching portal

SMSF Alliance data-matching

SMSF Alliance has upgraded it portal, offering a data-matching service for trustees that can be used by advisers to generate new sources of fee income.

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Administration

Class completes NowInfinity integration early

Class NowInfinity integration

The integration of documentation service provider NowInfinity into the organisational structure of Class is now complete.

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Administration, Platforms

Lockdown has propelled technology change

lockdown technology SMSF Class

The COVID-19 lockdown and rush to work from home has pushed forward the use of technology in the SMSF sector by up to 10 years.

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Administration

SMSFA seeking member input on SAR review

SMSFA annual return review

The SMSF Association has called on members to provide input on how the SMSF annual return (SAR) can be improved.

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Administration, Business News

SuperConcepts reports ongoing outflows

SuperConcepts outflows

SuperConcepts has reported an ongoing decline in assets under management in the first quarter of 2020, continuing a trend seen across 2019.

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Administration, Compliance

Funds must justify rent relief for tenants

SMSF Rent relief

Trustees must provide commercial justification on behalf of their fund for any rent relief arrangements with tenants unable to pay rent because of the COVID-19 pandemic, an SMSF technical expert says.

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Administration

Coronavirus must be noted in 2019 accounts

SMSF accounts covid-19

The impact of COVID-19 on fund asset values means funds that have not yet completed their accounts for the 2019 financial year are legally obliged to disclose the pandemic as a significant event in their 2019 accounts, an SMSF technical expert says.

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