News

Auditing

Audit transition period requested

auditor transition period

The SMSF Association would like a proper transition period to be granted by the ATO to allow mid-tier accounting firms to adapt to the new auditor independence standards.

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ATO, Superannuation

Most SMSF early access legitimate

SMSF early access

The ATO has found most applications for early release from SMSFs was legitimate, but is taking a closer look at 2000 claims.

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Education

SMSFA builds out designation program

SMSFA Specialist Adviser designation

The SMSFA has revamped its SMSF specialist adviser designation course with more in-depth training material and extended the time frames for the completion of units within the course.

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ASIC, Auditing

ASIC reinstates disqualified auditor

ASIC disqualified auditor

ASIC has reinstated a disqualified SMSF auditor following a decision by the Administrative Appeals Tribunal, but has already made moves to appeal the ruling.

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Appointments

OpenInvest appoints board chair

OpenInvest board chair

Online investment marketplace OpenInvest has named former NAB executive Spiro Pappas as the chair of its board.

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Auditing

Audit quality could now improve

SMSF audits quality

The quality of SMSF audits could improve as a direct result of new independence standards imposed on auditors, a specialist practitioner has said.

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Pensions

Don’t milk pensions for tax exemptions

pension tax exemptions

SMSF trustees should be cautious in using a deceased member’s pension to claim tax exemptions and take timely action to cash it out instead.

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Education, FASEA

FASEA confirms exam venues for 2021

FASEA exam 2021

FASEA will run six sittings for the 2021 financial adviser exam in 31 locations across metropolitan and regional Australia.

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ETFs

ETF sector passes $70 billion milestone

ETF $70 billion

The ETF sector has surpassed the $70 billion milestone for the first time after recording three months of consecutive growth, an industry report has revealed.

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Superannuation

SG make good may erode cap

SG charge contribution cap

An SMSF technical expert has identified unintended legislative consequences leading to the loss of unused concessional contribution caps for individuals receiving SG charge amounts relating to a prior year.

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