News

Auditing, Commercial Property, Property

BRP basics causing ATO angst

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

The ATO has noticed some fundamental flaws regarding audit files dealing with SMSF-owned business real property involving related parties.

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Pensions

Commutations can create pension failure

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

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Compliance, Regulation, Superannuation

Complex super rules cost thousands

Australians could be retiring with thousands of dollars more if the superannuation system was simplified.

Australians could be retiring with thousands of dollars more if the superannuation system was simplified.

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financial advice, Financial Planning, SMSF

SMSFs classed as risky in new framework

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

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Contributions

Downsizer ownership rules can be strict

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

The ownership rules required to be satisfied before an SMSF member can make a downsizer contribution can be inflexible in some scenarios.

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Documentation, SMSF

Wind-up documents often forgotten

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

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Appointments

FAAA announces new board members

The Financial Advice Association Australia has appointed two new board members to replace outgoing directors and made one reappointment.

The Financial Advice Association Australia has appointed two new board members to replace outgoing directors and made one reappointment.

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Compliance, Documentation, Legislation, Pensions, Regulation

Pension documentation flexibility needed

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

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Auditing, Compliance, Cryptocurrency, Investments, Legislation, Regulation

Crypto audit guidelines issued

The ATO has provided auditors with a set of guidelines to assist them in the servicing of SMSFs with allocations to cryptocurrency.

The ATO has provided auditors with a set of guidelines to assist them in the servicing of SMSFs with allocations to cryptocurrency.

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ASIC, Compliance, Legislation

Shield, First Guardian adviser restrained

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

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