News : SMSF

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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ATO, Regulation, SMSF

Voluntary disclosure needs tenacity

ATO SMSF voluntary disclosure scheme

Patience and persistence are required when looking to use the ATO’s early engagement and voluntary disclosure scheme to secure a satisfactory outcome.

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ATO, Auditing, SMSF

No audit impact despite decline

SMSF auditors population completed audits

The number of completed audits has remained steady despite a reduction in the number of SMSF auditors as those leaving have been shown to have done minimal work in this area.

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Auditing, Investments, SMSF, SMSFA, Strategy

Simplify strategies for audit success

SMSF investment strategy audit

SMSF investment strategies that are concise, focused and in compliance with the SIS Regulations are likely to have a better chance of passing the yearly audit of the fund.

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ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

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Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

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ASIC, Compliance, SMSF

Guidance change lifts anti-SMSF roadblock

A change to ASIC guidance regarding minimum balances for new SMSFs has removed a roadblock in the mind of advisers, who are only now returning to SMSF advice.

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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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ASIC, SMSF

INFO 274 impact evident

ASIC INFO 274 SMSF minimum balance

A change in the ASIC guidance for giving SMSF advice released in December last year is already having an effect on fund establishments.

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Pensions, SMSF, Superannuation

SMSFs lead pension transition

pension phase SMSF APRA funds Class

Far more SMSF members over 65 are in pension phase compared to APRA-regulated fund members, highlighting the different levels of engagement in the two sectors.

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