News

ATO, Auditing

Online auditor guidance pending

ATO auditor guidance

A specialist practitioner has revealed the ATO is looking to post more guidance on its website to help accountants deal with the amended auditor independence standards.

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Tax

Practitioners should plan for NALE ruling

NALE ruling

SMSF practitioners should not delay turning their attention to items such as staff discounts in order to mitigate their risks ahead of NALE being finalised.

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Accounting, Auditing

Auditor links with accountants must be clean

Auditors ex-employee accountants

Auditors using former employees to complete financial statements for SMSF clients will fall foul of independence standards.

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Insurance

Split policy a TPD solution

TPD SMSF

An SMSF specialist has suggested a split total and permanent disablement insurance policy can allow cover to be held in the fund while ensuring policy definitions not allowable under super law are contained in it.

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Documentation

Incorrect resignations can void fund decisions

SMSF resignation

Trustee or directors may still be tied to an SMSF if their resignation is not carried out correctly, voiding all future actions of the fund.

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Cryptocurrency

Future of crypto likely to be less volatile

SMSF crypto

SMSF investors should not assume cryptocurrency’s 2017 extreme highs and lows will be a template for its future performance, a digital asset investment expert says.

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Documentation

Accounts deadline dropped

SMSF accounts deadline

A controversial proposal to force SMSFs to finalise accounts weeks before their lodgement has been abandoned by Treasury.

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Appointments, Business News

SuperConcepts head announces departure

SuperConcepts Lara Bourguignon

The head of SuperConcepts will leave before Christmas to take on a consulting role in the new year.

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Auditing

Private company valuations tricky

Private company valuations

A specialist practitioner has identified valuing SMSF holdings in private companies and unlisted unit trust as being a problematic area for auditors with regard to the annual returns of funds.

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Property, Tax

COVID-19 NALE impact still possible

COVID NALE

SMSF practitioners should be mindful of the link between COVID-19 rent relief deferrals and non-arm’s-length expenditure (NALE), a technical specialist has warned.

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