News

Accounting, Administration

Automated administration flourishing

SMSF automated administration

The use of SMSF administration software has increased among accounting firms and shows no signs of abating in the immediate future.

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Compliance, Documentation

Director ID number applications open

SMSF trustee DIN

Registered directors of a corporate SMSF trustee can now apply for a director identification number, but time restrictions apply.

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ETFs

New global equity ETFs available on Chi-X

Talaria ETFs Chi-X

Two new Talaria Asset Management global equity ETFs have been launched on the Chi-X Australia stock exchange.

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ASIC, Financial Planning

Levy cap hits ASIC income

adviser levy cap ASIC

The government’s decision to cap adviser levies will deny ASIC of more than 60 per cent of its expected industry funding for overseeing the advice sector.

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ATO, Compliance

Reported contraventions on the rise

ATO auditor contravention

Compliance breaches reported to the ATO via auditor contravention reports rose significantly over the 2021 financial year.

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Superannuation

In specie benefits can be redirected

SMSF in specie benefit

An SMSF can redirect an in specie benefit payment to anyone chosen by a member, but this may not sidestep stamp duty or sole purpose test considerations.

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Accounting

Millennials turning to SMSFs

SMSFs millenials

SMSFs are becoming increasingly attractive to younger Australians, who are also active traders, according to trading platform AUSIEX.

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NALI/NALE

NALE identification an issue

NALE identification SMSF

Identifying and acting upon NALE issues may not be straightforward and the assumption cannot be made the SMSF audit will be the solution.

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ATO, Compliance

Trustees can prevent dishonesty disqualification

SMSF trustees disqualification

SMSF trustees facing disqualification for dishonest conduct may be able to avoid that fate, but need to move quickly to prevent it taking place.

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Auditing, Investments

Home gold storage legal, but ill-advised

SMSF gold

SMSF trustees can store investment gold in their own home, but auditors are questioning the existence of the asset and wisdom behind that plan.

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