News

Practice Management

Trustee data feeds hesitation not rife

The reluctance to use and switch to data feed automation for SMSFs has been cited as an ongoing issue for trustees, however, it is more concerning for the older generation of clients.

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ATO

IT underinvestment not cause of outages: ATO

The ATO has stated that underinvestment in its technology infrastructure is not to blame for its bout of website and portal outages.

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Retirement

Retirement age adjustment concerns

A couple in a nature setting reads a map.

The easing out of the age pension qualifying age is causing some anxiety among SMSF members as to the effect this move will have on the official age of retirement, a trustee forum has revealed.

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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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