News

ASIC, Auditing, Regulation

Audit go-ahead spotlights auditor registration

Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia have indicated should the triennial audit cycle for eligible SMSFs proceed, the Australian Securities and Investments Commission (ASIC) may need to review its auditor registration requirements.

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ATO, Regulation

Reserve use still on ATO radar

The ATO has warned it will take firm action either under Part 4A of the Income Tax Assessment Act or the sole purpose test if it finds artificial arrangements where SMSF members attempt to utilise reserves to circumvent caps.

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Property, Strategy

Market ripe to transfer, acquire business premises

Specialist commercial property lender Thinktank Group has said market conditions are attractive for small-to-medium size enterprises (SME) to acquire their own premises, commercial or industrial, via their SMSF.

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Accounting

Industry body welcomes age pension announcement

The SMSF Association has welcomed the federal government’s decision to keep the age pension at 67, arguing the three pillar policy of the age pension, compulsory super, and voluntary savings will enable Australians to retire at this time.

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Education, Regulation

SuperConcepts releases online training

SuperConcepts’ technical education team has released a 30-module training course designed to keep professionals updated on the latest regulatory requirements around SMSF advice.

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ATO, Superannuation

TSB, TBC details visible in myGov: ATO

The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.

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ETFs, Investments

Investing in technology using ETFs

The past five years have witnessed one of the greatest ever bull runs on Wall Street, the beating heart of which has been the tech sector.

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Auditing, Superannuation

Real cost-saving measures put to Treasury

superannuation; age pension; retirement

A specialist SMSF firm has proposed alternative measures to the federal government’s three-yearly audit proposal to achieve cost savings for the sector.

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Investments

Advisers must apply ESG framework

Investor attitudes towards climate change and regulatory change, which in turn are forcing businesses to become more sustainable, means advisers cannot afford to ignore environmental, social and governance (ESG) issues.

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Administration, Auditing, Compliance

SISFA outlines audit eligibility criteria

SMSF trustees who have received an auditor management letter or any fund that has breached the superannuation legislation should not qualify for the three-year audit cycle for at least three years, according to an SMSF advocacy group.

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