News

ATO, Auditing

ATO flags key SMSF audit concerns

ATO SMSF auditors

The ATO has highlighted issues of concern it uncovered during its SMSF auditor performance reviews.

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Administration, Platforms

Lockdown has propelled technology change

lockdown technology SMSF Class

The COVID-19 lockdown and rush to work from home has pushed forward the use of technology in the SMSF sector by up to 10 years.

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Retirement

Challenger launches retirement income tool

Challenger retirement income tool

Challenger has launched a new tool to improve the knowledge of retirees and pre-retirees about their retirement income options.

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Auditing

Asset valuation issues to widen

asset valuation

Instances of SMSF auditors having to modify their independent audit reports due to an inability to obtain sufficient evidence regarding asset valuation as a result of the coronavirus economic environment are expected to rise, the ATO has said.

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Education, FASEA

ASIC may hold key to stalled exam extension

ASIC adviser exam extension

ASIC can grant an exemption to professional standards legislation that would extend the adviser exam timetable if legislation aimed at doing so is cannot be passed before the end of the year.

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Administration

SMSFA seeking member input on SAR review

SMSFA annual return review

The SMSF Association has called on members to provide input on how the SMSF annual return (SAR) can be improved.

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Retirement

New equity release model for seniors

equity release model for seniors

DomaCom has a new equity release model for seniors seeking an alternative to the reverse mortgage model and government Pension Loan Scheme.

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Appointments

Tax Institute appoints new policy director

Tax Institute policy director

The Tax Institute has appointed a former ATO second commissioner to be its new director of tax policy and technical.

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Accounting

Advice fee cap not absolute

early release advice fee

Advisers should not view the capped fee of $300 for advice covering the early release of super benefits as being absolutely definitive for all client discussions on this topic, an SMSF Association board member has said.

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FASEA

AFA examining other means of exam extension

AFA FASEA exam extension

The AFA is examining alternative methods to secure an extension to the FASEA exam timetable as legislation that would introduce the change appears to have stalled due to a late amendment.

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