News

Appointments

SuperConcepts leadership team takes shape

SuperConcepts appointments

SuperConcepts has made two new appointments to its leadership team that are expected to improve its product development processes.

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ATO

ATO updates ABR to allow six-member funds

ATO ABR members

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

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Compliance, Financial Planning

Industry united against compensation scheme

CSLR financial advice

A compensation scheme of last resort (CSLR) will result in a less affordable advice industry, according to a raft of industry associations that stand opposed to the government’s draft model.

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Retirement, Superannuation

Covenant common sense encouraged

retirement covenant

The SMSF Association has called on the government to use a sensible approach to the implementation of the proposed retirement income covenant.

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Compliance, Documentation

Lodgement dates can shift reporting time frame

tax lodgement dates SMSF

The tax lodgement dates for unlisted shares or units in a private unit trust can throw out the reporting dates for an SMSF if left unchecked.

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Estate Planning

SuperStream changes death benefit rollovers

Death benefit rollovers SuperStream

Death benefit rollovers will be treated differently under SuperStream from 1 October, depending on who the beneficiary is in the eyes of the ATO.

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ASIC, Property

ASIC moves to shut down property spruikers

ASIC SMSF property scheme

A Perth-based property investment group will face a second round of ASIC-initiated court action as the regulator seeks to end its activities.

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Documentation, Regulation

Digital signature relief extended again

electronic documents relief

The government has announced an extension of the temporary COVID-19 relief measure allowing companies to use electronic communication for documents.

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Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

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Accounting

Flawed LRBAs will create unfixable NALE taint

LRBA NALE

LRBAs started in non-arm’s-length circumstances will trigger NALE unless they are ended and restarted on new terms that comply with new ATO requirements.

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