News

Auditing

Audit quality could now improve

SMSF audits quality

The quality of SMSF audits could improve as a direct result of new independence standards imposed on auditors, a specialist practitioner has said.

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Pensions

Don’t milk pensions for tax exemptions

pension tax exemptions

SMSF trustees should be cautious in using a deceased member’s pension to claim tax exemptions and take timely action to cash it out instead.

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Education, FASEA

FASEA confirms exam venues for 2021

FASEA exam 2021

FASEA will run six sittings for the 2021 financial adviser exam in 31 locations across metropolitan and regional Australia.

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ETFs

ETF sector passes $70 billion milestone

ETF $70 billion

The ETF sector has surpassed the $70 billion milestone for the first time after recording three months of consecutive growth, an industry report has revealed.

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Superannuation

SG make good may erode cap

SG charge contribution cap

An SMSF technical expert has identified unintended legislative consequences leading to the loss of unused concessional contribution caps for individuals receiving SG charge amounts relating to a prior year.

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ATO, Auditing

ATO reverses stance on auditor reporting

auditors reports contraventions

The ATO has asked auditors to include any contraventions within an SMSF due to COVID-19-related relief in their independent reports, reversing a position adopted earlier this year.

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Financial Planning

Tough times boost interest in advice

interest in financial advice

The level of interest in financial advice has reached record levels this year, with active advice clients also demanding higher levels of engagement with practitioners.

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ETFs, Investments

SMSFs favouring ETF access to gold

SMSFs ETFs gold

SMSFs are predominantly choosing ETFs as their preferred means of investing in gold, a specialist manager has said.

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Accounting, Auditing

Auditor pick key for accountants

SMSF auditor

The impact of a change of auditor on an accounting firm performing the administration for SMSFs needs careful consideration, a specialist practitioner has said.

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Residential Property

Part sales of property eligible for downsizer

downsizer partial sale

Retirees will still be able to make downsizer contributions when selling only part of a property after an investing firm sought clarity on the issue from the ATO.

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