News

Auditing

Auditor bullying can be managed

Auditor intimidation

Situations where an SMSF auditor is being intimidated by a client can be managed if the practitioner cannot resign the account, a leading practitioner has said.

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Documentation, Superannuation

Marsella appeal shows legal focus is on process

Marsella appeal

A recent unsuccessful appeal relating to an SMSF death benefit payment has demonstrated courts will focus on trustee obligations first rather than underlying perceptions of fairness.

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ASIC

ASIC permanently bans SMSF adviser

SMSF adviser permanently banned

ASIC has permanently banned an ACT-based SMSF adviser from providing financial services as a result of not considering the best interests of clients.

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Superannuation

Early access impact overstated

early access impact

The impact of a $10,000 early access benefit on superannuation balances has been overestimated, with new modelling suggesting the decrease would be marginal.

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Auditing

Auditors off hook for rent relief breaches

auditors rent relief breaches

Contraventions of super laws that might arise as result of rental relief measures do not need to be reported by auditors for the current financial year, the ATO says.

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ETFs

ETFs passing market test

ETFs markets COVID-19

Investor confidence in ETFs improved in February and March when markets were experiencing the most significant COVID-19-driven period of volatility.

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Appointments

CAANZ appoints new CEO

Chartered Accountants CEO

CAANZ has appointed a former lawyer and senior Westpac staffer as its new chief executive four months after announcing the departure of Rick Ellis.

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Financial Planning, Superannuation

New ROAs put onus on clients

early access advice

Template record of advice (ROA) documents released by five professional bodies have made it clear early access advice will be limited and at the request of consumers.

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Pensions

Care needed on asset sale from income stream

income stream asset

Trustees selling an asset segregated to a retirement income stream should document that strategy in advance to avoid ATO scrutiny over any capital gains.

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Investments

Trustees slow to adopt managed accounts

SMSF managed accounts

SMSFs have been slow to adopt managed accounts as part of their investment holdings despite solid growth in their use outside superannuation and among financial advisers.

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