News

ATO, Superannuation

Personal TBC data available, but still in flux

personal TBC ATO

The SMSF Association has reminded fund members they can now access their personal TBC information, but it may still change as the ATO updates its records.

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Investments

Zenith adds ESG overlay to all funds on list

responsible investment funds

Zenith Investment Partners has examined nearly 900 funds on its recommended list to assess the levels of adherence with responsible investing criteria.

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Auditing, Superannuation

Use of new audit report required now

independent auditor report

Practitioners will be required to use a new version of the SMSF independent auditor’s report for any audits performed on or after 1 July 2021.

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ATO, Property

AAT call casts shadow on 13.22c developments

13.22c real estate developments

Real estate developments in a 13.22c unit trust should be tested with the ATO before commencing after a recent case threw doubt on their validity.

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Accounting, Auditing, Documentation

New aid for amended audit process

MyWorkpapers accounting audit

A new cloud-based service has been introduced to the market to make supporting document transfers between accounting and audit firms more secure.

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FASEA

Exam registration change open for feedback

FASEA exam registration

The advice sector has been given 14 days to respond to FASEA’s plans to drop the three-month registration requirement for the November exam.

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ATO, Auditing

Transitional approach to SuperStream

ATO SuperStream

The ATO has committed to applying a transitional period for SMSFs that do not comply with the new SuperStream requirements at 1 October 2021.

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Documentation

Decision-making processes ignore key events

SMSF decision making

Decision-making processes inside SMSFs have adopted a one-size-fits-all approach that is unsuitable for when key events take place.

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Compliance, Strategy

Regular reporting not only about compliance

SMSF reporting compliance

Regular SMSF reporting should be acknowledged for the strategic benefits it brings and not be regarded as just a compliance requirement.

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Investments, LICs

Listed investment sector records bumper year

listed investment sector

The listed investment sector has increased in size by more than one-third in the past year on the back of strong markets and investor interest.

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