News

Accounting, Compliance

IPA will support licensed accountants

The Institute of Public Accountants (IPA) has revealed should the accountants’ exemption be reinstated, it will look to support its members who have completed licensing requirements under the current regime.

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Superannuation

Best service providers for 2018 recognised

Research house CoreData and selfmanagedsuper have hosted the sixth annual SMSF Service Provider Awards, with the majority of winners again consolidating their standing among the financial advice community.

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Infrastructure, Investments

Allocations to unlisted infrastructure to rise

Low interest rates and term deposits, coupled with equity market volatility and franking credit uncertainty, are prompting SMSF investors to seek new ways to generate returns beyond their traditional portfolio concentration, bringing unlisted infrastructure opportunities to the fore.

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ETFs, Investments

Vanguard launches suite of ethical funds

Vanguard Australia has unveiled new environmental, social and governance (ESG) funds in response to growing investor demand for investment opportunities that are in line with their values.

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ATO, Superannuation

Proposed regulation to extend SuperStream to all SMSFs

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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

Accountant; SMSF; defrauded

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

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

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

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

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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