News

ATO, Investments

Asset listing a strategy percentage alternative

Assets list investment strategy

A list of assets by type and monetary worth instead of by percentages is allowed in an SMSF investment strategy despite the ATO’s focus on the latter.

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ATO, Auditing

ATO confirms independence threat details

auditor independence threat

The ATO has confirmed what may threaten auditor independence when a large volume of business comes from a single referral sources.

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Cryptocurrency

SMSF investment in cryptocurrency grows

SMSF cryptocurrency

Cryptocurrency is proving to be an increasingly attractive investment option among SMSFs, a bitcoin investment expert says.

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Auditing

Referral rules still evolving

audit referrals guidance

Further guidance on the maximum number of referrals an audit firm can derive from one source is being formulated.

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Pensions

Income stream reversionary status can change

income stream reversionary status

Members can still change the reversionary status of their income stream to add or remove beneficiaries in the right circumstances, a technical expert says.

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Compliance

Poor trustee history can close funds

SMSF trustee history

The inclusion of a trustee with a poor compliance history can create future problems for an SMSF and lead to the ATO making the fund non-compliant.

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Appointments

AMP confirms change of CEO

AMP CEO change

AMP will have a new chief executive after the company confirmed a senior ANZ executive will replace Francesco De Ferrari.

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Auditing

Reciprocal deals in focus

Reciprocal auditing arrangements

The ATO has recently taken serious compliance action against several SMSF auditors engaged in reciprocal arrangements.

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Retirement

TRIS still hold benefits for retirees

TRIS retirees benefit

Transition-to-retirement income streams (TRIS) can still benefit retirees despite ceasing to be eligible for tax exemptions in 2017.

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Retirement

Retirees running out of super before death

superannuation death

New research has found most retirees currently run out of super well before their death, contrasting recent claims they are sitting on large sums.

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