News

Investments, Superannuation

COVID-19 liquidity risks threaten SMSFs

SMSFs liquidity risks

Liquidity issues within SMSFs have been exposed by COVID-19 and relief measures may not be sufficient to prevent the failure of some investments.

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Retirement

Holistic models best for retirement outcomes

holistic retirement models

SMSF advisers should rely on more robust and holistic modelling when assessing retirement to enable informed decision-making, a technical expert says.

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ASIC

AAT knocks back SMSF adviser appeal

AAT SMSF adviser appeal

A banned SMSF adviser has failed to have the terms of his ban eased, with the AAT stating such a move would not act as a deterrent nor promote confidence in financial advice.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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Accounting

Reciprocal auditing will be under scrutiny

Reciprocal auditing arrangements

Auditors entering into reciprocal arrangements may have no way of reducing the threat to independence, the ATO has warned.

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ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

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ATO, Superannuation

ATO prevents illegal access to $126m

ATO illegal access SMSFs

The ATO’s front-door compliance program for SMSFs prevented illegal access to over $126 million in retirement savings during the 2020 financial year.

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FASEA

FASEA code guidance unclear for advisers

FASEA code ethics guidance

A third guidance document on the FASEA code of ethics has only added to confusion and shown the need for a drastic rewrite of the standards, two associations have claimed.

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Superannuation

SMSFA optimistic about fund member bill

six member SMSFs

The SMSF Association is confident the bill increasing the maximum number of SMSF members from four to six will be passed.

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Strategy

Indexation pause for bring forward contributions

Indexation bring forward contributions

Advisers looking at a bring forward strategy for clients may want to wait until possible indexation changes have been applied.

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