News : Administration

Administration, Compliance

ECPI compliance risk reduced on SMSF software

The latest feature added to SuperMate will allow actuarial certificates to be validated automatically when SMSFs claim exempt current pension income (ECPI), reducing time, costs and exposure to compliance risks.

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Administration, Business News

SuperMate integrates with share registries

SuperMate has added integrations with share registry companies Computershare and Link Market Services to enable practitioners and trustees to view records of their share registry balance.

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Administration, ATO, Compliance

Quarterly TBC report dates draw closer

The SMSF Association has reminded SMSFs on a quarterly transfer balance cap (TBC) reporting cycle they must make their first lodgement with the ATO in three weeks.

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Administration, ATO, Auditing

ATO will do best to administer audit policy

The tax office has said it will administer the proposed three-year audits for qualifying SMSFs as well as it can, but has revealed it has received mixed views on the measure.

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Administration, Compliance, Superannuation

Admin system needs to be TSB record

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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Administration

Midwinter integrates with Class

Midwinter Financial Services today announced its integration with Class, allowing users of both platforms to sync and replicate portfolios from the SMSF administration provider into the financial advice tech firm’s AdviceOS.

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Administration, Compliance, Superannuation

Fund guardians key in mitigating litigation

SMSF members would be wise to appoint a fund member guardian in addition to an enduring power of attorney (EPA) to safeguard their fund should they lose mental capacity.

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Administration, Compliance

New NALI rules still ambiguous

Advisers require more ATO guidance on what are considered to be ‘internal arrangements’ under the proposed new non-arm’s-length income (NALI) rules as they attempt to navigate clients through the uncertainty ahead, according to a lawyer.

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Administration, Auditing, Compliance

SISFA outlines audit eligibility criteria

SMSF trustees who have received an auditor management letter or any fund that has breached the superannuation legislation should not qualify for the three-year audit cycle for at least three years, according to an SMSF advocacy group.

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Administration, Superannuation

BT Panorama FUA grows by 74 pct

BT Panorama’s funds under administration (FUA) have risen by 74 per cent to $11.7 billion since 1 October 2017, with SMSFs accounting for $4.7 billion of total FUA.

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