News

Auditing, Technology

Auditors can rely on quality data feeds

auditors data feeds

Data feeds can be a reliable source of information for SMSF audits as long as the quality of the information exchange is of the highest level.

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Crypto Assets

Digital asset title not an issue

SMSF digital assets

SMSFs can hold digital assets regardless of the title registration conditions governing the jurisdiction where the asset has been generated.

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Regulation, Superannuation

No residency rule details as yet

SMSF residency rules

The change to the superannuation residency rules is still on the policy agenda, but how it will be implemented is not yet known.

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Superannuation

Budget noted for lack of changes to super

Budget changes superannuation

Industry groups have approved the lack of change in the federal budget and noted lobbying on a number of issues will continue in the lead-up to next year’s May budget. 

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Superannuation

Super ranks high as savings refuge

superannuation interest rates inflation

Superannuation ranks second in the list of Australians’ trusted places to store money for the best returns in the event of rising interest rates and inflation.

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Investments

Federal Court penalises CommSec, Ausiex

CommSec Ausiex penalty

CommSec and Ausiex have been ordered to pay a collective fine of more than $27 million for overcharging brokerage fees.

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Auditing

SMSF audit announcement welcomed

SMSF audit cycle

The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

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Compliance, Superannuation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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NALI/NALE, Pensions

Budget silent on NALI, legacy pensions

budget NALI legacy pensions

The status of changes to non-arm’s-length income and expenditure and an amnesty to exit legacy pensions remains unknown after the government failed to address these issues in the budget.

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Downsizer

Cost of downsizer age reduction revealed

downsizer age reduction

A further reduction in the eligibility age for downsizer contributions will cost the government very little each year, according to the budget papers.

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