News

NALI/NALE

Post-fact fixes will not prevent NALE hit

NALE asset value

SMSF members will not be able to recast undervalued assets in their fund as a member contribution and will face the full impact of NALE without documentation.

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Contributions

SMSF financials may create SuperStream hurdle

SMSF financial documents SuperStream

Contraventions could occur if trustees fail to adhere to the new SuperStream rollover rules and do not ensure their SMSF financial documents are up to date.

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Financial Planning

Reduction in planner numbers an opportunity

reduction financial advisers

A number of self-licensed practitioners are viewing the reduction in adviser numbers across the industry as a business growth opportunity.

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Superannuation

SuperStream omits cashless rollovers

SuperStream rollovers

Unlike cash superannuation rollovers, those involving in specie asset transfers do not have to be executed via the SuperStream system for SMSFs.

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Accounting, Auditing

ATO to ask for auditor independence proof

trustees auditor independence

SMSF auditors completing an in-house audit will need to prove their firm had no role in the oversight of the fund and trustees were solely responsible.

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Accounting

Accountants view SMSFs as revenue boost

SMSF accountants revenue

Accountants expect SMSF-related advice will create a sizeable boost to their practice revenue, with nearly half predicting a rise in the next three years.

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NALI/NALE

Pro bono work can pass NALE rules

pro bono NALE rules

The provision of pro bono services to an SMSF is not automatically outlawed by the NALE rules as defined by the ATO in LCG 2012/2.

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Superannuation

Exceptions provide six-member options

exceptions SMSFs six-member

SMSFs may be able to increase their membership level to six without breaking state laws or changing their deed using exceptions available in specific circumstances.

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Auditing

SMSF firms reminded to retain audit separation

SMSF audit separation

The ATO has advised SMSF accounting firms they should not complete audits for a fund where they also provided oversight and advice to the trustees of the fund.

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ETFs

ETF manager achieves notable milestone

ETF BetaShares

ETF provider BetaShares has exceeded $20 billion in assets under management in just over 10 years since being established in the market.

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