News

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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Infrastructure, Investments

SMSFs pour into infrastructure investments

SMSF are flocking to infrastructure investments, with the asset class considered a new kid on the block among the usual blue-chip stocks in finance, resources and retail, according to SuperConcepts.

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Superannuation

Industry bodies back Labor’s retirement reform

The Association of Superannuation Funds of Australia (ASFA) has welcomed the federal opposition’s announcement of a package of proposed reforms to improve retirement outcomes for women.

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Investments

Online ethical adviser offers responsible investing

A new online ethical investment adviser is offering SMSFs ethical investment portfolios that provide diversification and a fixed fee model to align with their personal values and financial goals.

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Accounting, ASIC

ASIC provides insurance product relief

The Australian Securities and Investments Commission (ASIC) has remade Class Order Group Purchasing Bodies to extend relief to holders of limited Australian financial services licences (AFSL) so they are exempt from needing to hold a full AFSL in order to purchase group insurance products for their clients.

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Administration, Compliance, Superannuation

Admin system needs to be TSB record

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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ATO, Retirement

ATO aware of schemes targeting older SMSFs

The tax office has revealed it is seeing instances of schemes and spruiking aimed at SMSFs nearing retirement phase to access their funds early, demonstrating the need for and role of professional advice.

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