News

Proposed regulation to extend SuperStream to all SMSFs

August 30, 2018

On 17 July, Treasury released exposure draft legislation that broadly extends the operation of SuperStream to cover SMSFs. Currently, SMSFs only need to be able to receive contributions and rollovers through SuperStream.

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ATO, Compliance

‘Disqualified persons’ needs better explanation

August 29, 2018

Krystine Lumanta

SMSF practitioners must ensure they educate all prospective trustees on the definition of a disqualified person as many are unaware of what it means and some could find they are not permitted to act as an individual or corporate trustee.

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Auditing

BDO calls for fresh SMSF audit review

August 29, 2018

Krystine Lumanta

BDO Australia’s superannuation partners have written to new federal Treasurer Josh Frydenberg and Assistant Minister for Treasury and Finance Zed Seselja to direct their attention to the significant unintended consequences of the introduction of a three-yearly audit cycle for SMSFs.

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ATO

ATO releases SMSF registration figures

August 29, 2018

Malavika Santhebennur

In the 2017/18 income year, there were 26,000 SMSF registrations with around 2100 of these the subject of further review, according to the ATO.

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Auditing

Trustees left exposed under triennial audits

August 29, 2018

Krystine Lumanta

SMSF administrator and software provider SuperConcepts has strongly warned against leaving trustees at risk of mistakes and potential fines under the proposed three-year audit regime.

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Accounting, Compliance

Strong response to accountants’ exemption

August 28, 2018

Krystine Lumanta

The Institute of Public Accountants (IPA) has revealed it has received support from its members to lobby for the return of the accountants’ exemption, with plans to notify the federal government as soon as possible rather than wait for the next election.

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Administration, Superannuation

BT Panorama FUA grows by 74 pct

August 28, 2018

Malavika Santhebennur

BT Panorama’s funds under administration (FUA) have risen by 74 per cent to $11.7 billion since 1 October 2017, with SMSFs accounting for $4.7 billion of total FUA.

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Education

SuperConcepts unveils technical support service

August 28, 2018

Malavika Santhebennur

SuperConcepts has launched a technical support service for SMSF practitioners that will be available to anyone outside the firm’s client base for the first time.

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Auditing, Compliance

Five reasons why a data feed isn’t an SMSF audit

August 28, 2018

Shelley Banton

There is a perception in the SMSF industry that once a data feed is in place, there is nothing left for an auditor to do.

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Compliance, Regulation, Superannuation

Trust deed position for FHSSS confused

August 27, 2018

Darin Tyson-Chan

The role an SMSF trust deed plays in allowing the use of the First Home Super Saver Scheme (FHSSS) remains slightly unclear, according to a superannuation specialist lawyer.

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