News : Superannuation

Documentation, Superannuation

E-document changes have other benefits

electronic documents SMSF

Changes to allow the signing of company documents electronically will bring in other measures that will benefit SMSF trustees and members.

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Retirement, Superannuation

Demographics favour regular reporting

SMSF fund reporting

The domination of SMSF establishments by younger individuals bodes well for the accelerated adoption of more frequent fund reporting.

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ATO, Superannuation

Personal TBC data available, but still in flux

personal TBC ATO

The SMSF Association has reminded fund members they can now access their personal TBC information, but it may still change as the ATO updates its records.

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Auditing, Superannuation

Use of new audit report required now

independent auditor report

Practitioners will be required to use a new version of the SMSF independent auditor’s report for any audits performed on or after 1 July 2021.

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Superannuation, Technology

SMSFs may not need ESA action

SMSFs ESA superstream

SMSFs using a digital service provider may already be compliant with the new SuperStream and electronic service requirements that will come into effect in October.

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Auditing, Superannuation

Class launches auditor matching tool

SMSF accountants auditors

Class has launched a facility to link SMSF accountants with third-party auditors to allow them to meet independence guidelines.

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ATO, Superannuation

SuperStream start date fixed

SuperStream rollover

SMSF trustees and planners are being advised to prepare for the SuperStream rollover changes with the ATO stating the 1 October start date will not be moved.

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Superannuation

Six-member fund decision political

six member SMSFs political

The recent passing of superannuation legislation allowing six-member SMSFs was driven by political motives.

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Auditing, Superannuation

Better audit efficiency achievable

accountants audit

The efficiency of the year-end audit can be improved if SMSF accountants place more importance on one aspect of their interaction with a fund’s auditor.

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Regulation, Superannuation

Six-member time frame will create delays

six-member SMSF delays

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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