News : Administration

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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Administration, Superannuation

Govt introduces super, pension relief measures

superannuation pension relief

The federal government has announced it will allow early access to superannuation for people under financial stress as a result of COVID-19.

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Accounting, Administration

Accountants’ focus should not be admin

SMSF administration

Providing the SMSF administration function should no longer be a focus for accountants, a senior sector executive has said.

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Administration, Business News

Heffron unveils new online SMSF tools

Heffron online SMSF

Heffron has launched two new resources to help SMSF practitioners better serve their clients.

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Administration, ATO

ATO wind-up advice unworkable

SMSF wind-ups

The guidance the ATO released for SMSF trustees regarding fund wind-ups has been described as unworkable from an audit perspective by a leading sector practitioner.

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Administration, ATO

Real-time data case not strong

ATO real-time data SMSF

The high number of non-lodgers of SMSF annual returns has been noted as a key area impeding the rollout of real-time reporting, according to the ATO.

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Administration

Embracing tech changes key to survival

Technological change

The fast pace of technological change in relation to the slow pace of organisational change can pose a threat to the success of SMSF service providers, a technical expert has said.

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Administration, Superannuation

Split contributions to lower TSBs

Splitting contributions

Splitting a previous year’s contributions to a spouse is one of a few effective ways of reducing a TSB at 30 June, an SMSF technical expert says.

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Administration, Superannuation

SuperConcepts reports sharp asset decline

superconcepts

SuperConcepts has reported a sharp fall in assets under administration after a year of restructuring the SMSF administration business.

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