News

Administration, SMSF, Technology

Members to drive real-time data shift

Real time SMSF information

Member demand will be the most significant factor in speeding up the provision of real-time member information in the SMSF sector.

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Auditing

Trustee status information lacking

smsf trustee status

SMSF auditors are having to rely on trustees self-declaring they are not disqualified as official registers have not been updated in months.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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ATO, Auditing, Compliance, Superannuation

Accurate notices of intent vital

Notices of intent

Notices of intent in relation to personal contributions will not be covered by the audit process this year putting greater onus on SMSF members to ensure they are accurate.

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ATO, Compliance

Private tax ruling guidance released

ATO private ruling

The ATO has outlined the steps needed to apply for a private ruling but emphasised accurate and complete data was critical for it to properly assess any ruling request.

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Business News, financial advice

FSC appoints Power to board

FSC Kelly Power

The Financial Services Council has added an experienced financial executive to its board of directors.

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Administration, SMSF

ATO extends wind-up timeframe

SMSF wind-up timeframe

The timeframe open for trustees to finalise the closing of an SMSF after the lodging of the final annual return has been extended.

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Retirement, Superannuation, Tax

CGT concessions a super bonus

small business CGT concessions

The small business CGT concessions can be of great benefit for individuals who have not accumulated much super while running their own enterprises.

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ATO, SMSF

Notice of intent must be acknowledged

Notices of Intent

The ATO has reminded trustees they must acknowledge any Notices of Intent received and update SMSF details promptly prior to the end of the financial year.

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financial advice, Financial Planning, Regulation

Drop separate labelling of advisers

labelling advisers education

The labelling of advisers based on their education pathway is confusing for consumers and should be relegated to advice documents and marketing material.

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