News : Compliance

ATO, Compliance

‘Disqualified persons’ needs better explanation

Accountant; SMSF; defrauded

SMSF practitioners must ensure they educate all prospective trustees on the definition of a disqualified person as many are unaware of what it means and some could find they are not permitted to act as an individual or corporate trustee.

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Accounting, Compliance

Strong response to accountants’ exemption

The Institute of Public Accountants (IPA) has revealed it has received support from its members to lobby for the return of the accountants’ exemption, with plans to notify the federal government as soon as possible rather than wait for the next election.

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Auditing, Compliance

Five reasons why a data feed isn’t an SMSF audit

There is a perception in the SMSF industry that once a data feed is in place, there is nothing left for an auditor to do.

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Compliance, Regulation, Superannuation

Trust deed position for FHSSS confused

The role an SMSF trust deed plays in allowing the use of the First Home Super Saver Scheme (FHSSS) remains slightly unclear, according to a superannuation specialist lawyer.

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Compliance

SMSFs must tackle looming dementia issue

The reality of mental incapacity later in life needs to be urgently addressed by all SMSF trustees and practitioners to protect against complex scenarios and outcomes, an SMSF expert has warned.

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Compliance, Superannuation

Court confirms attorney powers for BDBNs

In a significant judgment, the Supreme Court of Queensland has confirmed an attorney has the power to make, renew or extend a superannuation binding nomination on behalf of a member.

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Compliance, Investments

Investment strategy more than compliance

SMSF trustees need to be more proactive in ensuring they have a clearly defined investment strategy in their portfolios rather than treating it as just a compliance document, according to a wealth advisory firm.

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Administration, Compliance

Traps to avoid when setting up an SMSF

The number of Australians establishing SMSFs has been rising consistently since an amendment to the Superannuation Industry (Supervision) Act 1993 in 1999 allowed for SMSFs to be controlled by trustees rather than the federal government.

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ATO, Compliance, Regulation

TBAR a potential TSB solution

It may be beneficial for SMSF members to calculate and record their total super balance (TSB) as at 30 June 2017 via a transfer balance account report (TBAR) rather than by way of the fund’s annual return, particularly if their retirement savings assets are close to $1.6 million, a technical expert has said.

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Compliance, Regulation, Superannuation

No issue in NALI measure becoming law

The federal government’s non-arm’s-length income (NALI) measure under its Superannuation Taxation Integrity Measures is reasonably non-controversial from a legislative perspective and will become law, according to an SMSF expert.

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