News

Accounting

ATO prepares for member rise

six-member SMSFs

The ATO is preparing to accommodate the legislative change that will allow a maximum of six people to be members of an SMSF.

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Auditing

Routine and mechanical not easy exemption

routine and mechanical auditor

Routine and mechanical in the context of the new auditor independence standards is unlikely to be used as a get-out-of-jail-free card by auditors, an SMSF audit expert says.

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Superannuation

SMSF numbers to get COVID-19 bump

SMSF establishments COVID

The number of SMSF establishments is likely to increase as a result of the COIVD-19 pandemic, industry research has shown.

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Retirement

Retirement income review will bust myths

Retirement Income Review

The long-awaited Retirement Income Review will address myths about superannuation and is likely to be released after the federal budget.

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Administration, Property

Heffron launches rent relief toolkit

Heffron toolkit

Heffron has launched the second stage of its Super Toolkit, covering auditor and ATO requirements related to COVID-19 rent relief measures.

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ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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Pensions

Legacy pension change not on govt agenda

Legacy pensions

The complex nature of legacy pensions and a full government agenda meant any reforms were unlikely to take place in the near future, according to a government minister.

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ATO, Property

Regulator bulletin may be misleading

ATO property development

An ATO instrument regarding lease arrangements pertaining to property developments held by SMSFs is potentially misleading, a specialist lawyer has said.

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Pensions

ATO seeks insight into pension relief measure

pension drawdown relief

The ATO is conducting research into the uptake of the COVID-19 minimum pension drawdown relief measure among SMSFs.

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ATO, Superannuation

Data-matching time lag warning

ATO data-matching

The director of a financial services firm has flagged the significance of the time it takes the ATO to issue excess contribution notices and the consequences this situation can have.

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