News

Compliance, Regulation

Director ID must occur before appointment

director ID SMSF

Directors of a corporate SMSF must obtain their director identification number prior to being appointed, according to new rules introduced on Monday.

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ASIC

COVID advice relief measures to end

temporary relief ASIC

The COVID-19 temporary relief measures for financial advisers introduced by ASIC are scheduled to end on 15 April.

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Auditing, Investments

Investment strategy an audit risk

SMSF investment strategies auditors.

Monitoring and approving the SMSF investment strategy is continuing to cause angst and confusion among auditors servicing the sector.

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ATO

Trustee disclosures considered whistleblowing

SMSF ATO whistleblower

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.

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LRBA

Non-LRBA borrowings allowable

SMSF temporary borrowing

SMSF trustees are allowed to employ short-term borrowings in some specific circumstances to satisfy certain financial commitments of a fund.

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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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