News

ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

read more
Accounting

Reciprocal auditing will be under scrutiny

Reciprocal auditing arrangements

Auditors entering into reciprocal arrangements may have no way of reducing the threat to independence, the ATO has warned.

read more
ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

read more
ATO, Superannuation

ATO prevents illegal access to $126m

ATO illegal access SMSFs

The ATO’s front-door compliance program for SMSFs prevented illegal access to over $126 million in retirement savings during the 2020 financial year.

read more
FASEA

FASEA code guidance unclear for advisers

FASEA code ethics guidance

A third guidance document on the FASEA code of ethics has only added to confusion and shown the need for a drastic rewrite of the standards, two associations have claimed.

read more
Superannuation

SMSFA optimistic about fund member bill

six member SMSFs

The SMSF Association is confident the bill increasing the maximum number of SMSF members from four to six will be passed.

read more
Strategy

Indexation pause for bring forward contributions

Indexation bring forward contributions

Advisers looking at a bring forward strategy for clients may want to wait until possible indexation changes have been applied.

read more
Documentation

Backdating concerns may be unfounded

SMSF document backdating

Advisers may be too concerned about backdating and being in breach of the Financial Adviser Standards and Ethics Authority’s Code of Ethics, an SMSF technical expert says.

read more
Insurance

Correct insurance transfers a must

SMSF life insurance transfer

Any transfers of risk insurance from an individual to an SMSF must be legitimate due to the severity of penalties resulting from breaches related to these transactions.

read more
Superannuation

Senate committee green-lights expanded funds

six members SMSFs

A Senate committee has recommended SMSFs be allowed to accommodate six members, but dissenting senators called for greater regulation around SMSF advice.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.