News : Regulation

Accounting, Regulation

Calls continue for accountants’ exemption revival

Chartered Accountants Australia and New Zealand (CAANZ) has revealed it has experienced similar feedback to other accounting bodies with significant requests from members wanting a return to the accountants’ exemption with regard to servicing SMSF clients that was in operation before the implementation of the Future of Financial Advice (FOFA) reforms.

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ATO, Compliance, Regulation

Extra caution needed for reserves strategies

The use of reserves by SMSFs must be approached by advisers with greater prudence as the strategies the ATO will tolerate are now very limited, an industry lawyer has warned.

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Compliance, Regulation

Put clients on notice with NALI

Advisers with SMSF clients who do not use a real estate agent may run into issues with non-arm’s-length income (NALI) due to the lack of clarification in a bill currently before Parliament and therefore must inform clients of this possibility, an industry lawyer has warned.

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ASIC, Auditing, Regulation

Audit go-ahead spotlights auditor registration

Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia have indicated should the triennial audit cycle for eligible SMSFs proceed, the Australian Securities and Investments Commission (ASIC) may need to review its auditor registration requirements.

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ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

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Education, Regulation

SuperConcepts releases online training

SuperConcepts’ technical education team has released a 30-module training course designed to keep professionals updated on the latest regulatory requirements around SMSF advice.

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Financial Planning, Regulation

Likely reform will put advice at risk

Expected financial planning reforms following the revelations from the banking royal commission will restrict advice to those who can afford to pay thousands of dollars in comprehensive advice fees, according to an online advice firm.

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Auditing, Regulation

Survey finds lack of support for triennial audits

A new survey of SMSF professionals has found 93 per cent of respondents do not support the proposed three-yearly audit cycle for eligible funds, while 94 per cent believe it would lead to a greater risk of contraventions by trustees.

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Pensions, Regulation

Actuarial certificate regulation will cut red tape

SMSF administrator SuperConcepts has urged Treasury and the federal government to push ahead with a regulation that will prevent SMSFs that only have account-based pensions in their fund from needing to obtain an actuarial certificate if they want to cut costs and red tape.

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Auditing, Regulation

Technology enables regular audits

SMSF administrator and software provider SuperConcepts has highlighted triennial audits will be counterproductive to technological improvements that mean SMSF audits can occur more regularly.

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