News

ATO, Auditing

Audit compliance to be enforced

auditor report compliance

The ATO will be enforcing compliance in the new financial year as changes to the SMSF independent auditor report (IAR) will take effect.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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Financial Planning, Regulation

FPA supports Better Advice bill in the main

FPA Better Advice bill

The FPA has said the Better Advice bill needs improvement, but has welcomed the effort to create a single disciplinary body for financial planners.

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Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Auditing

Limits to sources of audit fees defined

Independence audit fees

The level of SMSF audit fees from a single source that will be considered a threat to independence has been spelt out by the APESB.

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Education, FASEA

Serial flunkers given one last chance

FASEA exam pass

Advisers who have failed to pass the FASEA exam on two occasions will be given one last opportunity to do so next year under a new exemption.

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Retirement

Pressured pre-retirees given new guidance

retirement financial guide

A former financial adviser has launched a guide for pre-retirees facing financial pressure supporting three generations of family.

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Contributions

Excess charge move not industry call

Excess concessional charges

A change to legislation that will remove charges for excess concessional contributions may result in misuse and was not called for by the SMSF sector.

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Strategy, Superannuation

Trustees to determine access to benefits

trustees benefit payments

An SMSF technical expert has advised trustees to be more involved in benefit payment strategies and not just rely on advisers to determine the required actions.

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Investments, Retirement

Retiree return goals mean greater risk

retirement return goals

Individuals on the cusp of retirement may need to take on significantly higher risk levels if they are to meet the return goals they set for the years they are no longer gainfully employed.

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