News

Regulation, Superannuation

SMSFs facing major SuperStream issue

The extension of SuperStream to SMSFs will be a positive development for rollovers, however, the inclusion of contributions will be problematic, a technical expert has warned.

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Estate Planning, Management

Practitioners must beware of EPOA trap

An industry lawyer has warned practitioners should approach the task of being issued with an enduring power of attorney for a client’s SMSF with caution as the role may not provide any reward for the individual concerned.

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Regulation, Retirement

Franking credit inquiry gets SMSFA support

The SMSF Association has welcomed the decision by the House of Representatives Standing Committee on Economics to commence an inquiry into the implications of removing refundable franking credits.

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Accounting, Regulation

Calls continue for accountants’ exemption revival

Chartered Accountants Australia and New Zealand (CAANZ) has revealed it has experienced similar feedback to other accounting bodies with significant requests from members wanting a return to the accountants’ exemption with regard to servicing SMSF clients that was in operation before the implementation of the Future of Financial Advice (FOFA) reforms.

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ASIC, Investments

ASIC cracks whip on crypto-assets

The Australian Securities and Investments Commission (ASIC) has moved to act against misleading initial coin offerings and crypto-asset funds targeting retail investors.

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Accounting, Management

Online portals flagged as key SMSF gap

SMSF trustees who use accountants as their main source of advice have expressed a demand for online access that allows them to monitor their fund, which in turn will lift their satisfaction levels, new industry research has revealed.

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Auditing

Court precedent puts auditors on notice

Auditors have been told to take away the practical lessons learnt from the recent outcome of a court decision where an SMSF auditor was found to be liable for losses as well as acting negligently.

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Pensions, Strategy

Inquiry launched on scrapping of franking credit refunds

The House of Representatives Standing Committee on Economics has announced an inquiry into the impact of removing refundable franking credits.

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Accounting, Business News

Technology leaps ahead of accounting practices

Accounting practices that offer SMSF services must consider an organisational reset in order to keep pace with the rapid growth of technology, according to an industry expert.

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Accounting, Education

FASEA reforms will drive CA exit

Chartered Accountants Australia and New Zealand (CAANZ) has warned many chartered accountants will likely exit the industry if the Financial Adviser Standards and Ethics Authority (FASEA) fails to recognise their qualifications.

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