News

Documentation

TBAR uniformity preferred

TBAR single framework

SMSF practitioners have indicated they have a preference for a single framework for transfer balance account reports to be introduced.

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Auditing

Trustees can take valuation lead

property valuation trustees

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

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ATO, Documentation

ATO calls for asset accuracy

SMSF asset valuations

The ATO has reminded SMSF trustees that asset valuations should be accurate and up to date in their fund’s annual report, pointing to earlier guidance on how it views market value.

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Contributions, Property

Time to alert clients about downsizer changes

downsizer contribution

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

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Auditing, NALI/NALE

Discounts create NALE audit concern

SMSF fees NALE audit

SMSF auditors still need more information regarding discounted fees and are cautious about their treatment under the NALE provisions.

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Cryptocurrency, Superannuation

Crypto presents compliance issues

cryptocurrencies SMSF

Holding cryptocurrencies within an SMSF portfolio can present significant compliance issues for both trustees and advisers.

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Financial Planning

Digital advice pivotal to sustainable development

digital advice sustainable

Digital financial advice can play a meaningful role in helping to achieve the United Nations’ sustainable development goals.

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Business News

Hub24 adds Dynamic Asset managed accounts

Hub24 Dynamic Asset

Hub24 has added Dynamic Asset’s managed accounts to its IDPS Choice menu on the platform.

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Contributions

Bring-forward approach confirmed

NCC bring-forward

Treasury has confirmed how the extension of the non-concessional three-year bring-forward rule to include people aged 64 to 75 will be applied.

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Business News

Heffron expands SMSF toolkit offering

Heffron super toolkit

Heffron has added a new subscription option to its Super Toolkit offering alongside new collaboration tools and integration with a software provider.

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