News

Business News

New ASIC chair named

The federal government yesterday named former Goldman Sachs banker James Shipton as the new chair of the Australian Investments and Securities Commission (ASIC).

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Auditing

Ignoring deed riskier with super changes

The SMSF trust deed can easily be overlooked by auditors and advisers due to its lengthy, legal and technical nature, but the new super reforms have reinforced its importance, an auditor has warned.

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Auditing

New integration for Evolv White

Automated audit platform Evolv White has entered into a new integration partnership with tech firm InfoTrack that will give users access to a new range of documents.

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Practice Management

TBAR requires shift to software

Advisers and accountants reporting under the transfer balance account report (TBAR) regime for their pension SMSF clients must now be using up-to-date software in their practices rather than spreadsheets, an administrator has warned.

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Accounting

Reforms fortify accountants’ role

Accountants have been told to step up to the challenge of servicing their SMSF clients as their role has only been reinforced by the new super reforms, along with the added requirements around the ATO’s transfer balance account report (TBAR) regime.

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Practice Management

Scope of automation no threat to advisers

Illustration of a boat passing icebergs.

The current capability of automation within SMSF administration services was not yet at a point where it could be substituted for the judgment of a human adviser, according to a panel of executives.

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Compliance

Related-party LRBA benchmarks may turn costly

SMSFs with related-party limited recourse borrowing arrangements (LRBA) could face further administrative expenses and will require more time and effort if standardised benchmarking across all types of transactions becomes an expectation of the regulator.

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Business News

LRBA advice results in ASIC ban

The Australian Securities and Investments Commission (ASIC) has banned Drew Crosskreutz from providing financial advice for three years after ruling he had broken the law by not acting in his clients’ best interests.

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Superannuation

National default super idea problematic

Introducing a national default superannuation scheme is a good idea in theory, but in reality would present numerous issues for the super sector, an industry executive has warned.

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ATO

No TBAR for family law, fraud cases

Birds perched on power lines.

The ATO has clarified SMSF trustees who experience family law cases, fraudulent activity or bankruptcy that affects their transfer balance cap will be required to follow a separate process to the transfer balance account report (TBAR) regime.

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