News

Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

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Accounting

Flawed LRBAs will create unfixable NALE taint

LRBA NALE

LRBAs started in non-arm’s-length circumstances will trigger NALE unless they are ended and restarted on new terms that comply with new ATO requirements.

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Superannuation

Review deeds, but change only when needed

SMSF deeds review

SMSF practitioners should be reviewing the deeds of their trustee clients while reminding them ongoing regulatory change does not always require an amendment to the document.

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NALI/NALE

Discount availability key to NALE

NALE discount

The NALE rules will only apply to SMSF administration service discounts that have been selectively applied to some staff within an organisation.

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ATO, Investments

Zero-value assets will raise red flag

zero value assets

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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Business News, Documentation

Fintech rolls out dynamic SOA tool

dynamic SOA

A new dynamic SOA tool will allow advice clients to interact with the document and engage with a humanised interface, while offering compliance protection for practitioners.

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Retirement

Covenant pointless for SMSFs

Retirement income covenant SMSFs

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.

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ATO, Superannuation

NALE questions remain over unit trust activity

NALE unit trust

The ATO’s finalised position on NALE does not provide enough clarity in regards to actions of a trustee when working with a unit trust inside an SMSF.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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