News

Auditing

New standards to alter trustee view of audits

independence standards

The new auditor independence standards will result in an improved perception of the SMSF auditor’s role by trustees, an SMSF specialist says.

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Investments

No excuse for non-diversified portfolios

cash SMSF portfolio

SMSF trustees have no excuse for holding shares and cash in a portfolio when tools exist to help them diversify their retirement savings strategy.

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Appointments, Superannuation

Fintech hires ahead of expansion into SMSFs

Stake SMSF expansion

Australian fintech company Stake has hired superannuation expert Kris Kitto as part of its plan to move into the SMSF sector.

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Administration

Arrears contribution glitch arises

contributions arrears SG amnesty

A technical manager has revealed contributions made in arrears due to the super guarantee amnesty are causing problems for some SMSFs.

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Documentation

Deeds can be physically executed remotely

trustees deeds execute remotely

Trustees who remain separated can still execute physical deeds with wet-ink signatures under temporary relief measures.

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Accounting, Strategy

Workflow mapping key in meeting client demand

workflow SMSF

Planning annual workflow is essential to a firm’s ability to complete SMSF client work, but is a commonly overlooked area by accounting business owners, an accounting outsourcing specialist says.

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Superannuation

SG decision to be made closer to deadline

SG levy decision

An increase in the super guarantee levy may still go ahead at the scheduled time, but a decision on the matter will not be made until the first half of next year, a government minister has said.

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ATO, Auditing

High-risk contraventions on rise

High-risk contraventions

The proportion of auditor contravention reports compared to SMSFs remained low over the 2020 financial year, but a rise in the number of high-risk and unrectified reports is cause for concern, the ATO says.

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Auditing

Audit independence deadline unlikely to move

Audit independence deadline

SMSF auditors will have no excuse for not having complied with new independence standards by mid-2021 despite the volume of work that will be required, an SMSF lawyer has claimed.

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Administration, Superannuation

Better SMSF insights to come

SMSF running costs

New research into fund running costs will soon be released by the SMSF Association to coincide with its SMSF week initiative.

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