News

ATO

ATO clarifies death benefit rollover details

death benefit rollover

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

Routine mechanical SMSF audits

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

TPB MOU CPA

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

financial advice gap

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

poor financial advice

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

superannuation default fund

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

Self-funded retirees overlooked in budget

Self-funded retirees budget

Self-funded retirees have been given no support in the budget to offset income losses caused by the impact of COVID-19.

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Investments

New ratings house for complex investments

ratings house complex investments

A new ratings house will focus on investments outside the norm that are typically ignored by other research groups.

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Superannuation

The pros and cons of six-member SMSFs

six-member SMSFs
&

The prospect of six-member SMSFs moved a step closer when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 was recently introduced into parliament. If the bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 January 2021. The bill proposes […]

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Superannuation

Budget may boost SMSF appeal

SMSF appeal

A number of the 2020 federal budget announcements have the potential to strengthen the appeal of SMSFs, some technical experts have predicted.

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