News

Documentation

Know location, content of trust deeds

SMSF trust deed location

The location and content of SMSF trusts should be known by trustees in order to resolve disputes if a document is lost or misplaced.

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ATO

ATO defends its statistics

ATO SMSF

The ATO has defended the efficacy of its quarterly SMSF statistics in light of recent criticism with regard to their use as a performance indicator.

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Business News

SISFA members agree to TSA merger

SISFA TSA merge

SISFA will merge with Tax and Super Australia after its members unanimously agreed to the move at a recent general meeting.

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ECPI

Consider both ECPI methods despite changes

ECPI calculating

New methods of calculating ECPI should not be used if they override planning opportunities via the use of the existing methods.

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Auditing, Technology

New audit efficiency tool from Evolv

Evolv audit tool

A tool is to be launched by independent specialist audit firm Evolv to allow accountants to identify and address issues before an audit is started.

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Appointments

TPB appoints new board members

TPB board members

Two new members, including the IPA chief executive, have been appointed to the Tax Practitioners Board for a three-year period.

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Appointments

DomaCom names new CEO and chair

DomaCom chief executive

DomaCom has appointed a new chair and chief executive following the departure of CEO Arthur Naoumidis.

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NALI/NALE

Cautious NALE approach now needed

SMSF NALE

The consensus among a panel of SMSF specialists is for fund trustees to apply an ultra-conservative approach to the NALE rules.

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Auditing

ASIC moves against 19 SMSF auditors

ASIC SMSF auditors

A number of ASIC investigations have found 19 SMSF auditors in breach of legal obligations, resulting in cancelled registrations or additional conditions.

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Auditing

Strong evidence key to private equity valuations

private equity SMSF

Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.

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