News

COVID relief needs specialist advice

November 22, 2021

Specialist advice is needed for SMSFs to navigate the impact and extension of the COVID-19 relief measures, according to the SMSF Association.

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AFCA

AFCA unveils complaint management platform

November 22, 2021

Tia Thomas

AFCA has launched an interactive platform to help member firms manage real-time complaints and reduce disputes in the future.

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ASIC

Mawhinney hits back at contempt claims

November 22, 2021

Darin Tyson-Chan

Formal complaints have been filed against ASIC in response to the regulator’s contempt of court allegations regarding Mayfair 101.

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Documentation

TBAR uniformity preferred

November 18, 2021

Darin Tyson-Chan

SMSF practitioners have indicated they have a preference for a single framework for transfer balance account reports to be introduced.

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Auditing

Trustees can take valuation lead

November 18, 2021

Darin Tyson-Chan

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

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ATO, Documentation

ATO calls for asset accuracy

November 18, 2021

Tia Thomas

The ATO has reminded SMSF trustees that asset valuations should be accurate and up to date in their fund’s annual report, pointing to earlier guidance on how it views market value.

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Contributions, Property

Time to alert clients about downsizer changes

November 18, 2021

Jason Spits

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

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Auditing, NALI/NALE