News

Education, FASEA

FASEA extends CPD period by three months

FASEA CPD extension

Advisers have been given a one-off extension period in which to fulfil their CPD requirements by FASEA in recognition of the disruption caused by COVID-19.

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Auditing

ATO will examine SMSF auditor independence

SMSF auditor independence

SMSF auditors will have their work processes examined by the ATO after new guidelines were introduced governing the scope of their independence.

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Financial Planning

COVID advice relief impractical

covid financial advice

Feedback from the financial advisory sector has revealed practitioners consider the compliance relief implemented for some COVID-19 advice lacked practicality.

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Documentation

Revised accounting standard may impact SMSFs

accounting standard SPFS

SMSFs looking to prepare special purpose financial statements will need to ensure their trust deed is set up accordingly thanks to a newly amended accounting standard, the ATO says.

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Superannuation

Return targets need post-pandemic review

superannuation returns

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

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LRBA

Slow LRBA growth reduces risk

LRBA risks growth

The latest ATO statistics on the SMSF sector have shown a flattening of LRBA growth compared to previous years reducing concerns about risks in that market.

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ATO, Tax

Loan deferrals need safe harbour clarity

loans deferrals safe harbour

Further guidance from the ATO is required to indicate how the related-party loan safe harbour rules can potentially be amended for COVID-19 loan deferrals, a technical expert has suggested.

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Investments

SMSFs failing to renew trading identifier

legal entity identifier

SMSFs are failing to renew an important identification number required for international trades of non-equity investments, according to an issuer of the number.

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ATO, Superannuation

ATO watching early release claims

superannuation early release

The ATO has repeated warnings it will act against people abusing the early release scheme and has informed them they are being tracked.

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ATO, Superannuation

Clearer cost data welcomed

SMSF expense data

The latest ATO SMSF statistical overview for the 2018 financial year has been commended by a peak industry body for providing more accurate expense data about the sector.

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