News

Business News

Regtech world enables better decisions

The development of regtech solutions will enable advisers and accountants to decide what is best for clients in a more seamless way, along with the additional benefit of managing business risks.

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Insurance

Structured settlements verification necessary

SMSF trustees making contributions to their fund as a result of a risk insurance payout need medical practitioner verification before it can be classified as a structured settlement and receive concessional treatment under the new superannuation rules.

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Accounting

Accountants turning to platforms

More SMSF accountants are turning to platforms now that there has been a discernible departure from the traditional, clunky ‘old-world’ platforms to more accountant-friendly and broader investment offerings.

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Auditing

Why technology won’t replace SMSF auditors

Many SMSF trustees and advisers could be forgiven for thinking recent developments in technology mean SMSF auditors no longer add any value to the audit process.

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Accounting

APRA apps will inform future SMSFs

Touch screen

Young superannuants’ use of mobile apps offered by Australian Prudential Regulation Authority (APRA) funds and emerging fintech start-ups will create an environment where future SMSF trustees will have had their expectations set from those experiences.

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Compliance

Machine learning will bolster compliance

Artificial intelligence (AI) and machine learning provide the possibility of enabling SMSF software and systems to autonomously and automatically pick out funds that have issues, lessening the burden of compliance on practitioners, according to BGL Corporate Solutions managing director Ron Lesh.

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ATO

Real-time reporting needs some context

The ATO has stressed SMSF trustees do not need to be overly concerned about the perception the administrative requirements in running a fund will significantly increase due to the introduction of real-time reporting.

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Regulation

No change needed to sole purpose test

The legislation defining the sole purpose test will not need to be amended despite the announcement in the 2017 federal budget that will allow superannuation to be used to assist first home buyers, according to a senior technical professional in the industry.

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Business News

LRBAs top adviser queries: BT

The changes impacting on SMSF clients with a limited recourse borrowing arrangement (LRBA) have propelled the topic to become the top adviser query in the June quarter, according to BT’s advice technical team.

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Auditing

Audit firms to merge

Adelaide-based SMSF audit firm ASF Audits has announced it will merge with fellow independent SMSF audit firm Super Auditors, bringing the combined number of SMSFs serviced under the new business to more than 12,000.

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