News

Documentation

Accounts deadline dropped

SMSF accounts deadline

A controversial proposal to force SMSFs to finalise accounts weeks before their lodgement has been abandoned by Treasury.

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Appointments, Business News

SuperConcepts head announces departure

SuperConcepts Lara Bourguignon

The head of SuperConcepts will leave before Christmas to take on a consulting role in the new year.

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Auditing

Private company valuations tricky

Private company valuations

A specialist practitioner has identified valuing SMSF holdings in private companies and unlisted unit trust as being a problematic area for auditors with regard to the annual returns of funds.

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Property, Tax

COVID-19 NALE impact still possible

COVID NALE

SMSF practitioners should be mindful of the link between COVID-19 rent relief deferrals and non-arm’s-length expenditure (NALE), a technical specialist has warned.

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Insurance, Superannuation

Tax benefit no risk cover reason

life insurance SMSF

A technical mentor has warned against using tax deductions and cash-flow convenience as justification to hold insurance cover within an SMSF.

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Administration, Technology

SuperConcepts set to enter open banking

SuperConcepts open banking

SuperConcepts will join the open banking regime following the receipt of certification in the new year.

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FASEA

FASEA closure was on the cards

FASEA closing

The government’s decision to close FASEA was not unexpected, with hints it may take place appearing in a number of places in recent months.

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Business News

Martin Heffron passes away

Martin Heffron

Heffron executive director and co-founder Martin Heffron has passed away.

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ATO, Superannuation

SMSF numbers climb again

SMSF numbers

The SMSF sector has continued to grow through the COVID-19 pandemic, recording new highs for the number of SMSFs and fund members.

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FASEA

Government scraps FASEA

Government scrap FASEA

Treasury and ASIC will take on the standard setting and exam administration of FASEA after the government announced it is winding down the latter.

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