News : Superannuation

Use of new audit report required now

July 14, 2021

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

July 12, 2021

Tia Thomas

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

July 12, 2021

Jason Spits

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

July 8, 2021

Tia Thomas

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

July 7, 2021

Darin Tyson-Chan

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

July 6, 2021

Darin Tyson-Chan

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

July 6, 2021

Tia Thomas

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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ATO, Superannuation

ATO offers interim six-member solution

July 1, 2021

Tia Thomas

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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Strategy, Superannuation