News

Accounting, Auditing

ATO to ask for auditor independence proof

trustees auditor independence

SMSF auditors completing an in-house audit will need to prove their firm had no role in the oversight of the fund and trustees were solely responsible.

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Accounting

Accountants view SMSFs as revenue boost

SMSF accountants revenue

Accountants expect SMSF-related advice will create a sizeable boost to their practice revenue, with nearly half predicting a rise in the next three years.

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NALI/NALE

Pro bono work can pass NALE rules

pro bono NALE rules

The provision of pro bono services to an SMSF is not automatically outlawed by the NALE rules as defined by the ATO in LCG 2012/2.

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Superannuation

Exceptions provide six-member options

exceptions SMSFs six-member

SMSFs may be able to increase their membership level to six without breaking state laws or changing their deed using exceptions available in specific circumstances.

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Auditing

SMSF firms reminded to retain audit separation

SMSF audit separation

The ATO has advised SMSF accounting firms they should not complete audits for a fund where they also provided oversight and advice to the trustees of the fund.

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ETFs

ETF manager achieves notable milestone

ETF BetaShares

ETF provider BetaShares has exceeded $20 billion in assets under management in just over 10 years since being established in the market.

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Investments

The power of syndicated investing

fractional investing

Syndicated or fractional investing is not new to the market and can provide some unique investment opportunities and strategies.

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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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