News

Auditing

The role of an independent auditor

As described by the ATO, SMSF auditors play a critical role in helping to maintain the health and integrity of the SMSF sector, which is increasingly becoming an important part of the overall superannuation system.

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LICs

Global LIC delivers strong maiden results

Antipodes Global Investment Company has reported an after-tax profit of $26.8 million and portfolio return of 13.2 per cent return after fees for the period to 30 June.

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Auditing

Auditor disqualified for independence breach

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The Australian Securities and Investments Commission (ASIC) has disqualified Kathleen Whittle of New South Wales from being an approved SMSF auditor after she was found to be in breach of fundamental independence requirements.

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Regulation

CGT relief deferral could cause client grief

The decision to take advantage of the capital gains tax (CGT) relief provisions contained in the super reforms legislation and defer the associated tax liability may pose problems for advisers who are servicing certain clients for the first time, the director of an advisory firm has said.

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Business News

More TBAR events than first predicted

The volume of reporting by SMSFs under the ATO’s transfer balance account report (TBAR) regime could rise by 340 per cent, placing SMSFs and practitioners at risk of submerging under the ‘second wave’ of super reforms, according to the latest analysis from Class.

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Business News

Report finds SMSF portfolios are diversified

SMSFs are showing they are more diversified than the industry has given them credit for, with trustees achieving diversification via several cost-effective vehicles, the latest CommSec analysis has found.

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Superannuation

SMSFs still top satisfaction levels

superannuation guarantee; retirement

The latest Roy Morgan research into the superannuation sector has revealed SMSFs continue to dominate their retail and industry fund counterparts in regard to member satisfaction over financial performance.

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Retirement

Comfortable retirement figures increase

Rising costs of living are significantly impacting on Australian retirees, with couples needing to fork out over $60,000 a year for a comfortable retirement, according to new figures from the Association of Superannuation Funds of Australia (ASFA).

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Compliance

SMSFA backs extra SG taskforce funding

The SMSF Association has applauded the federal government’s decision to provide the ATO with additional funding for a Superannuation Guarantee Taskforce aimed at cracking down on employers failing to comply with their superannuation guarantee (SG) obligations.

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Strategy

Family trusts complement SMSFs more than ever

The strategy to use family trusts in conjunction with SMSFs is potentially going to gain significance for retirees in the wake of the new super reforms, a specialist lawyer has predicted.

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