News

Auditing

Extension for auditors sought

Extension sought for auditor independence standard

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

superannuation top up

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

SMSF investment strategies advice

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

Missing details most common SAR error

SMSF annual return errors

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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Investments

COVID measure outs inadequate investment strategies

SMSF investment strategies

Inadequate investment strategies were exposed by the minimum pension draw down changes introduced as part of coronavirus relief measures.

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LRBA

LRBA loophole should be left alone

intermediary LRBA loophole

A loophole that leaves intermediary LRBA loans outside of the total super balance add-back provisions has been exposed, but should not be exploited, according to an SMSF legal expert.

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Property

Property shifts into funds need scrutiny

SMSF property sole purpose

SMSF trustees looking to move property into their fund should be questioned as to what their plans and motives are to avoid breaches of the sole purpose test.

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Superannuation

Cross bench key to larger SMSFs

six-member SMSFs

Any chance the government has of allowing the creation of six-member SMSFs rests with the minor parties in the Senate.

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ATO, LRBA

Privately funded LRBAs assured of tax relief

Privately funded LRBAs

The SMSFA has welcomed an ATO statement that LRBAs using private borrowings will not have an adverse tax outcome under COVID-19 relief measures.

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Estate Planning, Financial Planning, Succession Planning

Intergenerational relationships needed

intergenerational advice relationships

Intergenerational client relationships, instead of a focus on mature age clients, is critical for the future success of advisory practices.

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