News

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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Compliance

No joy over real-time reporting timing issues

The availability of information needed to comply with the ATO’s new real-time reporting requirements remains a concern for the sector, but the regulator’s attitude to the issue remains unchanged, a senior SMSF technical executive has said.

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ATO

ATO data needs better detail

SMSF data gathered and reported by the ATO requires greater detail to provide a better insight into the trends the sector is experiencing, the head of a specialist administration provider has said.

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Regulation

Govt, regulator innovation gap exists: Ripoll

The rapid innovation and developments occurring in the superannuation sector, particularly with SMSFs, have created reasonable concerns regarding whether the government and regulators are able to keep up with the pace and reduce the lag.

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ATO

IPA calls for ATO IT accountability

The Institute of Public Accountants (IPA) has called for greater accountability from the ATO in the form of a service agreement in light of the ongoing technology issues that have significantly impacted on accountants and tax agents across Australia.

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