News

Documentation

Pressure on for timely record-keeping

A specialist superannuation lawyer has warned financial advisers and accountants to ensure their SMSF clients have up-to-date fund information to determine whether their pension balances are over the $1.6 million transfer balance cap at 30 June this year.

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Accounting

Super rule will expose accountants

Mouse traps with cheese on old wooden table.

The incoming $1.6 million transfer balance cap is expected to catch unlicensed accountants offering financial advice as well as accountants neglecting to help clients in order not to breach the licensing regime, an SMSF expert has said.

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Superannuation

Adequacy crucial to super objective: SMSFA

The SMSF Association has called for adequacy to be included in the superannuation objective, labelling the concept fundamental to achieving a secure and dignified retirement.

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LICs

SMSF demand for AFIC LIC continues

Australian Foundation Investment Company (AFIC) has said the long-term nature of its portfolio continues to attract SMSFs to its listed investment company (LIC) structure.

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Auditing

Five ways direct bank feeds impact on SMSFs

The introduction of direct bank feeds into SMSF platforms has been both a blessing and a curse for SMSF auditors and advisers. Direct bank feeds can provide time-saving benefits because they eliminate trawling through pages of disorganised statements. However, depending on the status of the feed, a raft of new issues emerge that can throw […]

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ATO

ATO conciliatory over online outages

HELP button on the enter key of a computer keyboard

The ATO has announced it will not enforce any penalties SMSFs may have incurred due to the outage experienced by the regulator’s online services at the end of last year.

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Compliance

Contributions procedures to be streamlined

The method SMSF trustees and members must follow to be able to claim a tax deduction for contributions is to be monitored and likely fine-tuned in the foreseeable future.

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Practice Management

Transition models integral to succession

Accountants should consider the various transition models that are available when it comes to passing their practices over to their next owners, rather than simply closing up their businesses, according to a specialist business exit advisory executive.

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Estate Planning

Selection of appointor crucial

Great care must be taken with who is chosen as the appointor of a new family trust as they are often considered to be the real power behind and ultimate controller of the trust, according to a superannuation and estate planning legal expert.

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Regulation

New professional standards neglected SMSFs

The SMSF sector should have been incorporated into the financial advice education and professional standards that were introduced into Parliament last year, according to an industry consultant. 

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