News

Auditing

Amended standard drives audit firm interest

auditor independence third party

The need to meet new auditor independence standards has led to an increase in interest around third-party audit services.

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Pensions

SMSFA welcomes legacy pension measure

legacy pensions measure

The government’s move to allow the partial commutation of certain non-commutable pensions has been welcomed by the SMSF Association.

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Auditing

Pooling no independence fix

pooling auditor independence

Pooling arrangements established among several accounting firms may not provide a solution facilitating compliance with the amended auditor independence standards, an SMSF specialist practitioner has said.

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Strategy

TBC indexation may mean moving thresholds

TBC indexation

Possible indexation changes to the transfer balance cap later this year will create an irregular schedule of changes to contribution caps that may affect bring forward strategies.

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Documentation

Divorce court orders essential for SMSFs

divorce court order SMSFs

A court order should be sought by SMSF clients going through a divorce as an asset protection measure, an SMSF technical expert has said.

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Superannuation

NCCC breaches most serious

Non-concessional contributions cap breaches

A specialist SMSF practitioner has warned breaches of the non-concessional contributions cap can lead to significant financial punishment and should be taken most seriously.

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Investments, Retirement

Retirees need new super investment approach

retiree investment

The needs of retiree clients may not be properly serviced by traditional portfolio investment approaches, an investment expert has warned.

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ASIC

ASIC action over false promotion

ASIC action SMSF promotion

The Australian Securities and Investments Commission has taken legal action against two firms over the promotion of SMSFs to invest in property, challenging claims around returns and the legality of the advice.

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Business News

Technical manager achieves milestone

Heffron Leigh Mansell

Heffron has recognised the 20th anniversary of the recruitment of one of its key personnel noting she has become a significant force in the SMSF industry.

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FASEA

FASEA adds to approved courses list

FASEA approved degrees

Additional degrees have been approved by the Financial Adviser Standards and Ethics Authority that will allow financial advisers to meet their mandatory education requirements from 2021.

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