News

Accounting, Financial Planning

SMSF accountants lead set-up advice

accountants SMSF set-up

While SMSF members are the driving force behind the creation of many new funds, accountants appear to be the favoured advice provider, according to new research.

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Auditing, Compliance

ASQC 1 manual has crucial independence role

ASQC 1 manual compliance

Making sure a particular manual is in place will enhance the documented proof auditors are complying with the amended independence standards.

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Contributions, Superannuation

Bring-forward triggers trapping members

SMSF bring-forward

SMSF members may automatically trigger bring-forward arrangements under certain conditions, finding themselves trapped in something they cannot change.

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ATO, Tax

SMSF sector growth at five-year high

SMSF sector growth high

New data from the ATO shows SMSFs have consistently grown over the past year and reached record highs in a number of areas in the June quarter.

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Markets

Planning for market correction required

market correction

SMSF investors have been advised to revisit their equities holdings in anticipation of a market correction forecast to occur in the short term.

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Pensions

Pension changes can disadvantage recipients

account-based pension changes

Careless changes to an account-based pension could cause its recipient to fail the income test for the senior health card, according to an executive consultant.

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Contributions

COVID altered contribution timings

SMSF contributions timing

The economic impact of COVID-19 changed the way SMSF members made contributions in the last financial year, with many spreading them over time.

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Regulation, Superannuation

Super details accessible for separated couples

superannuation separated couples

An amendment bill before parliament will allow separated couple to access their former partner’s super account details in an effort to alleviate financial hardship.

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Auditing

Fee threshold a barrier to entry

auditor fee threshold

A specialist professional body for auditors has argued against the introduction of a hard fee threshold in an effort to make the auditor independence standards more robust.

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Superannuation

Frequency of reporting still poor

SMSF data reporting

A significant majority of SMSF practitioners are still servicing their clients and providing only annual fund information to them.

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