News

Budget fails struggling retirees

October 12, 2020

The federal budget has neglected retirees who had hoped to receive more income through a more lenient tapering of their asset test, a pension expert says.

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Superannuation

Multiple accounts cloud stapled super rule

October 12, 2020

Darin Tyson-Chan

A technical expert has questioned how the existence of multiple retirement savings accounts for one person will affect the new stapled super rule announced in the budget.

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ATO

ATO clarifies death benefit rollover details

October 12, 2020

Jason Spits

The ATO has clarified the status of how death benefit rollovers should be reported and how payments should be made following changes which were made law in June of this year but backdated to 1 July 2017.

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Auditing

Routine and mechanical bar set extremely high

October 8, 2020

Darin Tyson-Chan

Proving the administration and accounting functions for an SMSF are being performed in a routine and mechanical fashion will be very difficult given the evidential standard the ATO has imposed on the sector.

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Accounting, Tax

TPB signs agreement with CPA Australia

October 8, 2020

Tharshini Ashokan

The Tax Practitioners Board has signed a memorandum of understanding with CPA Australia, which will improve compliance monitoring of registered tax agents.

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Financial Planning

Productive adviser exit will drive advice gap

October 8, 2020

Jason Spits

Any future advice gap will come from the departure of active advisers and not those biding their time until retirement, a consulting firm has predicted.

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Financial Planning

Biggest problem not poor advice

October 7, 2020

Darin Tyson-Chan

The leading SMSF body has identified the issue of not receiving financial as more serious than the delivery of poor advice.

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Superannuation

Super reforms mark end of default fund regime

October 7, 2020

Tharshini Ashokan

Chartered Accountants Australia and New Zealand (CAANZ) has welcomed last night’s federal budget superannuation reforms, which will ensure Australians keep their super fund when they change employer and up-end the default fund regime. The accounting body said the “unexpectedly significant” Your Future, Your Super package, due to commence on 1 July 2021, would end the […]

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Retirement