News

ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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Accounting, ATO, Pensions

Excess determinations not a disaster

Accountants who lodged transfer balance account reports (TBAR) for their clients on 29 October may receive an excess notice from the ATO, but should not panic, a technical expert has said.

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ASIC, Regulation

Consistent advice must avoid checklist routine

The Australian Securities and Investments Commission (ASIC) has reaffirmed its position on how the financial advice industry should achieve consistent standards in light of the banking royal commission.

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Platforms

BT Panorama’s SMSF FUA increases

BT Financial Group (BTFG) today announced funds under administration (FUA) for its flagship Panorama platform were up 85 per cent to $12.4 billion for the 2018 financial year compared to 2016/17.

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Accounting, Education

Professional advisers meet most FASEA elements

Chartered accountants (CA) and certified practising accountants (CPA) have already met most of the elements of the proposed education reforms and therefore should not be compelled to study further, AccountantsIQ has argued.

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Accounting

Restoring trust must be priority: IPA

The issue of trust in the accounting profession has perhaps never been more important, particularly in light of the findings in the recent banking royal commission, according to the Institute of Public Accountants (IPA).

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Accounting, Auditing, Financial Planning

Joint efforts required for SMSF trustee errors

An audit expert has said in order to tackle and reduce SMSF trustee mistakes, accountants and financial advisers must work together when seeing clients.

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ATO, Superannuation

SMSFs outperform APRA funds: report

The latest Class “SMSF Benchmark Report” has refuted the Productivity Commission’s claims that Australian Prudential Regulation Authority (APRA)-regulated funds are outperforming SMSFs, following a like-for-like comparison.

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Accounting, Financial Planning

Govt marks start of new complaints system

The federal government noted the commencement of the Australian Financial Complaints Authority (AFCA) today stating consumers and investors will benefit from increased access to redress.

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Retirement, Superannuation

Research centre urges focus on super decumulation

Super decumulation is a live debate in Australia and policies formulated in the next few years will set the stage for the issue here, according to academics.

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