News

Accounting, Administration, Auditing

Admin services likely to win out

administration auditing

Two senior industry specialists have questioned the prudence of accounting firms retaining auditing services over providing administration and financial statement preparation for SMSFs

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Pensions

Some reversionary pensions may fail to revert

reversionary pensions

Circumstances where an adult child is nominated as the recipient of a reversionary pension could leave the intended beneficiary empty handed, a legal expert has said.

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ASIC

Former director charged with dishonest conduct

dishonest conduct SMSFs

A former company director has been charged with dishonest conduct relating to the mismanagement of clients’ SMSFs.

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Documentation, Superannuation

Expense duty will impact SMSFs

best financial interests

An understated budget change may require SMSF trustees to account for every dollar spent by their fund under an expansion of best interest duties.

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Auditing, Tax

Tax agent/auditor role unclear

Tax agent SMSF auditor

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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Superannuation

YourSuper to affect SMSF advice

YourSuper SMSF advice

A technical manager has warned the YourSuper performance measure to be applied to MySuper finds announced in the 2020 federal budget will have an impact on SMSF advice.

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Administration, Superannuation

SMSF costs below $3000 a year

SMSF costs $3000

A fintech firm has found the running costs of SMSFs can be under $3000 even where investment and brokerage fees are included.

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Documentation

Company constitutions require focus

Company constitutions SMSFs

A specialist lawyer has advised for particular attention to be paid to company constitutions of SMSF corporate trustees as they hold the key to decision-making for the fund.

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Property

DomaCom retirement income role twofold

DomaCom retirement income

Fractional property investment manager DomaCom has stated it can play a dual role in improving the retirement incomes of average Australians.

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Superannuation

Super for housing will only increase prices

superannuation-for-housing

Allowing early access to superannuation for housing will only drive up prices while adding an unintended burden on the retirement income system.

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