News

Documentation

Avoid legal advice, but document its request

accountants legal advice

Accountants should document any assistance they give to SMSF clients to avoid claims they provided legal advice, an SMSF legal expert has warned.

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Auditing

Accounts move blindsided sector

SMSFs financial statements

The proposal to require SMSFs to prepare their financial statements 45 days before the fund’s annual return is due to be lodged took the sector by complete surprise, an industry service provider has said.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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Auditing

New standards to alter trustee view of audits

independence standards

The new auditor independence standards will result in an improved perception of the SMSF auditor’s role by trustees, an SMSF specialist says.

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Investments

No excuse for non-diversified portfolios

cash SMSF portfolio

SMSF trustees have no excuse for holding shares and cash in a portfolio when tools exist to help them diversify their retirement savings strategy.

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Appointments, Superannuation

Fintech hires ahead of expansion into SMSFs

Stake SMSF expansion

Australian fintech company Stake has hired superannuation expert Kris Kitto as part of its plan to move into the SMSF sector.

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Administration

Arrears contribution glitch arises

contributions arrears SG amnesty

A technical manager has revealed contributions made in arrears due to the super guarantee amnesty are causing problems for some SMSFs.

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Documentation

Deeds can be physically executed remotely

trustees deeds execute remotely

Trustees who remain separated can still execute physical deeds with wet-ink signatures under temporary relief measures.

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Accounting, Strategy

Workflow mapping key in meeting client demand

workflow SMSF

Planning annual workflow is essential to a firm’s ability to complete SMSF client work, but is a commonly overlooked area by accounting business owners, an accounting outsourcing specialist says.

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Superannuation

SG decision to be made closer to deadline

SG levy decision

An increase in the super guarantee levy may still go ahead at the scheduled time, but a decision on the matter will not be made until the first half of next year, a government minister has said.

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