News

ATO flags SAR non-lodgement letters

March 1, 2021

The ATO will be sending letters to SMSF trustees with outstanding annual returns warning them a failure to lodge will carry penalties.

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ATO, Auditing

Two clear rules for tax agents

February 25, 2021

Darin Tyson-Chan

The ATO has specified two situations under which it will not allow tax agents to perform an SMSF audit, adding to its practical guidance around the issue.

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Technology

Technology to assist wind-ups

February 25, 2021

Darin Tyson-Chan

The adoption of technology currently available in the market could provide significant benefits for SMSFs in relation to fund administration, a strategic specialist has said.

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Pensions

Accepting pension not fait accompli

February 25, 2021

Jason Spits

Reversionary pensions can be knocked back if they threaten other aspects of an SMSF member’s financial arrangements.

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Superannuation

SGC pause sensible at current time

February 25, 2021

Jason Spits

Temporarily pausing the increase in the SGC rate makes sense during a time of recession and flat wages growth, a major accounting body has claimed.

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Auditing

Extension for auditors sought

Extension sought for auditor independence standard

February 24, 2021

Darin Tyson-Chan

The SMSF Association has sought to extend the deadline by which accounting firms have to comply with the amended auditor independence standard.

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Superannuation

Hume rules out extra top-up measures

February 24, 2021

Jason Spits

The government won’t be introducing extra measures to top up the super balances of people who made use of the coronavirus-related early release provisions.

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Financial Planning, Investments

Strategy focus must emphasise non-advice

February 24, 2021

Jason Spits

SMSF practitioners have been given a prime opportunity to discuss investment strategies, but must emphasise the discussions are client driven and not advice.

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ATO, Compliance