News

ATO

Penalty regime will give and take away

ATO SMSF penalty regime

The penalty regime from the ATO will give breaks to SMSF trustees but will still hit their wallet if they fail to tow the line, a tech expert has warned.

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ATO, Superannuation

TBC indexation set for July

TBC indexation

Indexation of the general transfer balance cap will occur on 1 July, leading to a departure from a standard figure for super fund members.

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Auditing

Outsourcing not audit panacea

Outsourcing auditor independence

White-label or outsourcing arrangements are not likely to provide an adequate compliance solution to the amended auditor independence standards.

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Documentation, Superannuation

ATO ruling has hidden influence impact

SMSFs influence

The level of influence exerted by different parties within a 50/50 unit trust structure may come under greater examination following a recent ATO ruling.

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Financial Planning

Support for adviser mental health crucial

financial advisers mental health

A rise in mental health issues among financial advisers is the result of the many changes within the advice industry and advisers need more support.

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Auditing

Audit documentation to increase

Audit documentation

The amended auditor independence standards are likely to lead to increased documentation requirements for accounting firms wanting to retain their existing SMSF audit clients.

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Estate Planning, Financial Planning, Succession Planning

New body to focus on skills before size

SAPEPAA skills size

A new representative body will retain its boutique status for some time after its launch as it focuses on specialisation ahead of scale.

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Accounting, Financial Planning

TPB recommendations need discussion

TPB superannuation advice accountants

The TPB review recommendation relating to super advice from accountants needs clarification and discussion according to accounting bodies.

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Financial Planning

Adviser numbers anticipated to fall further

financial adviser numbers

Financial adviser numbers are expected to decline further in the next few years but the standard of advisers remaining will continue to improve.

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Strategy

Recontribution strategy can help retain assets

SMSF recontribution assets retention

The ability to retain key assets within an SMSF upon the death of a member can be assisted through the use of a withdrawal and recontribution strategy, a technical manager has said.

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