News

ATO, Auditing

SuperStream audit checks to start in October

auditors SuperStream

The ATO has advised SMSF auditors they will need to gather evidence regarding non-compliance with SuperStream rules from 1 October only.

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Accounting, Investments

Licence not key for investment strategy help

SMSF investment strategy

An active role in assisting SMSF clients with their investment strategies can be fulfilled by unlicensed practitioners.

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Pensions

Minimum pension more critical for dual-phase SMSFs

minimum pension phase

SMSFs with both accumulation and pension-phase interests will suffer more significant disadvantageous tax implications from failing to meet the minimum pension requirement.

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Superannuation

Purpose of SMSFs align with duty

financial interest SMSFs

SMSFs trustees holding to the core purpose of their fund will meet the new best financial interest duty requirements.

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Financial Planning, Investments

Advisers help prevent COVID market losses

advisers covid losses

Financial advisers helped investors avoid the worst losses of the COVID-19 induced market crash, adding more than 5 per cent to their portfolios.

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Investments, Portfolio Construction

New index rates managers’ green credentials

responsible investment credentials

A new index will provide greater clarity around the underlying holdings of fund managers and their adherence to responsible investment measures.

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Business News

Class makes further acquisition

Class Topdocs

Class has announced the acquisition of Topdocs, boosting its share of the document and corporate compliance market.

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ECPI

Element missing from ECPI bill

ECPI legislation

The Treasury bill dealing with how exempt current pension income is to be calculated omitted an important element that had been included in the draft version of the legislation.

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Auditing, Superannuation

Rollover evidence must be provided to auditors

SMSF rollover

SMSF members leaving their fund are still required to show their rollover has gone to another fund even when the SMSF is shutting down.

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Contributions

Early release recontribution process opens

Early release recontribution

The ATO has announced individuals can recontribute into funds without it counting towards non-concessional caps to rebuild super amounts affected by the COVID-19 early release scheme.

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