News

Accounting, Auditing

No existing referral threshold

auditor referrals threshold

Accounting firms do not have a prescribed number or percentage of referrals from one source they must avoid in order to comply with the amended auditor independence standards, a specialist practitioner has said.

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Documentation

Case law unsettled on BDBNs by attorneys

BDBN case law attorney

An ongoing set of legal cases in different states has yet to find common ground on whether an attorney can make a BDBN to direct super benefits on behalf of a SMSF member.

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Financial Planning

Scaled advice review can change model

scaled advice

The review of scaled advice will create an opening to change the current advice model, which forces people into offerings they don’t want or need.

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Administration, Insurance

Flaw in admin systems detected

Administration software insurance

A weakness exists in standard administration software being used for SMSFs that could impact certain fund strategies, a technical mentor has said.

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ATO, Auditing

ATO scraps APES 110 mail-out

ATO APES 110 mail-out

The ATO will be publishing detailed guidance regarding the new auditor independence standards instead of sending individual letters to SMSF auditors as initially planned.

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Documentation, Investments

Liquidity will test trustee strategies

liquidity investment strategy

A failure by trustees to account for liquidity in an investment strategy may be tested by SMSF members hit by COVID-19 related losses.

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Pensions

Cashless commutations tricky

Cashless pension commutations

Adverse tax outcomes can result from full commutations of pensions involving in-specie transfers, a technical services manager has warned.

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Auditing

Amended standard drives audit firm interest

auditor independence third party

The need to meet new auditor independence standards has led to an increase in interest around third-party audit services.

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Pensions

SMSFA welcomes legacy pension measure

legacy pensions measure

The government’s move to allow the partial commutation of certain non-commutable pensions has been welcomed by the SMSF Association.

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Auditing

Pooling no independence fix

pooling auditor independence

Pooling arrangements established among several accounting firms may not provide a solution facilitating compliance with the amended auditor independence standards, an SMSF specialist practitioner has said.

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