News

ATO

Super Fund Lookup error fixed

June 21, 2021

An anomaly in the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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Auditing

Audit checklist a competence measure

June 21, 2021

Darin Tyson-Chan

An indicative measure for accounting firms as to whether the right SMSF auditor has been appointed is if the practice is provided with a client checklist.

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Regulation, Superannuation

Six-member bill passes through parliament

June 21, 2021

Jason Spits

Legislation to allow the creation of six-member SMSFs has passed through parliament, but has drawn a cheap shot at advisers from a senator.

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Financial Planning

Time to end persecution of advisers

June 21, 2021

Jason Spits

The AFA has called for an end to the denigration of financial advisers after an opposition senator labelled them as giving “shonky advice”.

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Cryptocurrency

Cryptocurrency significant appeal real

June 21, 2021

Tia Thomas

A recent survey has shown the appeal of cryptocurrency is significant, with a good proportion of Australians gravitating toward these types of assets.

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Regulation, Superannuation

Six-member SMSF law progresses

June 17, 2021

Jason Spits

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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ATO

ATO confirms TBC info availability

June 17, 2021

Darin Tyson-Chan

The date when individuals can begin to access their personal transfer balance cap information after the application of indexation has been confirmed.

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Documentation

Need for BDBN, trust deed consistency

June 17, 2021

Tia Thomas

SMSF trustees have been advised to ensure death benefit nominations are consistent with trust deeds to avoid being challenged.

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ECPI, Superannuation

Confusion over DSFA trigger

June 16, 2021

Darin Tyson-Chan

The criteria used to determine whether an SMSF has disregarded small fund assets for exempt current income purposes is still unclear among some advisers.

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Compliance, Documentation

Director ID presents an SMSF challenge

June 16, 2021

Darin Tyson-Chan

Directors of SMSF corporate trustees may find difficulties in the application procedure for the director identification number they will need to hold.

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