News : Administration

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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Administration, Appointments, SMSF

SMSF Alliance adds new head of growth

SMSF Alliance Sarah Pressler

SMSF administrator SMSF Alliance has appointed a former SuperConcepts key manager to a new role focused on expanding the business.

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Administration, Retirement, SMSF, Superannuation

Control now of greater importance

SMSF motivation control

The need to have greater control over their superannuation is becoming an increasingly important element motivating individuals to establish an SMSF.

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Administration, Compliance, SMSF, Technology

Tech risk management mandated

SMSF auditors accountants technology risk management

Both auditors and accountants must comply with their statutory obligations with regard to their use of IT and their data protection mechanisms.

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Administration, Auditing, Investments, SMSF

SMSFs remain cost-effective

Class report SMSF costs

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

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Administration, Insurance, Management, SMSF

Older policies can trap benefits

Temporary incapacity insurance SMSF

SMSF members with temporary incapacity insurance may find the benefits trapped in the fund if the policy has not been reviewed or funded through the right channels.

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Administration, Documentation, Management, Regulation, SMSF

State laws complicate incapacity rules

SMSF incapacity

When preparing for the incapacity of an SMSF trustee, practitioners must be aware of the legislative requirements of each state and territory where the fund may hold assets or interests.

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Administration, Appointments, Platforms

Class names new operations manager

Class Kate Anderson

Class has recruited an experienced financial services executive from an advice firm to head up its operations team.

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Administration, Compliance, SMSF

Offshore member status needs consideration

SMSF residency rules

SMSFs with members living overseas should be reviewing their stake in the fund to ensure they are not breaching residency rules, which have not changed despite government announcements.

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Administration, Auditing, SMSF

Resolution key for sign-offs

Preparing financial statements

A resolution requiring the approval of all members of an SMSF in preparing financial statements may negate the risk of a dispute and ensure compliance within the fund.

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