News

Financial Planning

New adviser body imminent

SMSF industry body

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.

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Accounting, Education

FASEA reforms a licensee tipping point

FASEA limited licensee

The limited licensing model has become untenable due to a number of factors, the most impactful of them being the introduction of FASEA’s latest education requirements.

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Superannuation

SMSF satisfaction grows as pandemic eases

SMSF satisfaction

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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Documentation

E-signing protocols needed

Electronic signature protocols

The ATO has confirmed trustees will have to ensure proper protocols are followed when using electronic signatures to approve SMSF financial statements.

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Accounting, Financial Planning, Regulation

Licensing reform should span all SMSF advice

licensing reform SMSF advice

Any potential changes made in an effort to reform the licensing framework should apply to everyone in the SMSF advice space, not just accountants, an accountant licensing expert says.

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Regulation, Tax

Off-market transfer practices hold NALI trap

Off-market transfers

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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Education

New course to boost SMSF knowledge

Smarter SMSF course

A new education offering will provide advice practitioners with entry-level SMSF training carrying CPD credits recognised by major industry associations.

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Regulation, Superannuation

Status hit for member increases

SMSFs six members

SMSFs looking to expand to six members need to be aware the addition of new trustees will take the fund offline for as long as the ATO takes to vet the new additions.

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Accounting, Administration, Auditing

Admin services likely to win out

administration auditing

Two senior industry specialists have questioned the prudence of accounting firms retaining auditing services over providing administration and financial statement preparation for SMSFs

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Pensions

Some reversionary pensions may fail to revert

reversionary pensions

Circumstances where an adult child is nominated as the recipient of a reversionary pension could leave the intended beneficiary empty handed, a legal expert has said.

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