News

Compliance, Documentation, NALI/NALE, Property

Evidence key to navigating NALI

SMSF property development NALI documents

SMSF auditors and their clients must furnish essential documents to demonstrate compliance with non-arm’s-length income and expenditure rules in property development projects.

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Superannuation

Australians eye early super access

Early access superannuation

A majority of Australians would access their superannuation savings early, primarily to ease the strain of increasing living costs and finance home purchases, if they had the option.

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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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ETFs, Investments

Betashares releases US Treasury ETFs

Betashares US treasury ETF

Betashares has expanded its suite of cash and fixed income ETFs with the release of two US Treasury ETFs offering inflation protection and long-term maturity timeframes.

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ATO, Auditing

Valuation guidance clashes with law

SMSF audit asset valuation guidance

Valuation guidelines issued by the ATO contradict superannuation regulations, creating difficulties for auditors in maintaining their legal and professional standards.

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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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ATO, Compliance, Contributions, Strategy

Excess NCC release authority is default action

excess non-concessional contribution release authority

No formal declaration to adhere with an ATO release authority relating to a breach of the non-concessional contributions cap is required.

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