News

Auditing

Alliance provides independence solution

Evolv independence solution

A new agreement has been reached between two auditing organisations to provide a solution for compliance with the amended auditor independence standards.

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Documentation, Pensions

Pension tool targets documentation accuracy

pension documentation

Heffron has released a new pension documentation tool aimed at providing more clarity around the timing and decisions that led to the start of a pension.

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Retirement

Age pension reliance higher than claimed

Age pension reliance

Long-term analysis shows retirees are more reliant on the age pension than recent reports suggest, according to an industry research group.

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Superannuation

Accounting bodies raise bill objections

Your Super bill objections

CPA Australia and Chartered Accountants Australia and New Zealand have raised concerns about a superannuation bill in a joint Senate committee submission.

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Strategy, Superannuation

Peak TBA level fixes indexation

Peak TBA indexation

The highest recorded transfer balance account amount determines how much of the transfer balance cap indexation an individual is entitled to use.

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Superannuation, Technology

SuperStream assistance will pay off in future

Superstream rollovers

SMSF practitioners should take a proactive approach to ensuring clients’ funds are ready for the SuperStream system, particularly if fund rollovers are likely to happen in the near future.

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Tax

Family allowance a tax win in death

family allowance tax benefit

The establishment of a family allowance arrangement can result in a better tax outcome for the recipients of an SMSF death benefit.

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Documentation, Financial Planning

Specialist advice can create defence shield

Specialist smsf advice shield

Specialist SMSF advice can act as a defence against claims a trustee has breached their obligations, but only where that advice is appropriate and relevant.

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Auditing

ATO guide hits SMSF specialists

audit fee dependency SMSF

The ATO’s audit fee dependency benchmark could give larger accounting firms an advantage over specialist SMSF audit firms.

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Pensions

Drawdown path important in bankruptcy

SMSF drawdown bankruptcy

Advisers should be aware the drawdown method used by an individual can influence how effective an asset protection vehicle an SMSF can be in the event of a member being declared bankrupt.

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