The Financial System Inquiry (FSI) report has recommended removing the ability of superannuation funds to use limited recourse borrowing arrangements (LRBA) to acquire assets. In its report handed down today, the FSI cited two main objectives driving the recommendation. The first of those was to “prevent the unnecessary build-up of risk in the superannuation system […]

All SMSFs are required by law to formulate and adhere to an investment strategy. In this two-part feature, Grant Abbott details the various components, both legislative and otherwise, to take into account when creating this critical element of an SMSF.

If SMSF advisers wanted to benefit from technology, they had to stop working for the systems and begin making the systems work for them, according to a senior administration specialist.

Encouragement from the major accounting bodies for members to apply for their own licence to enable them to provide financial advice to their existing SMSF clients was a concern as the intricacies of being a licensee were largely being ignored in the discussion, according to a senior industry executive.

The Institute of Public Accountants (IPA) has appointed Wendy Leegel as its new president and chairman of the board.

Accounting and financial planning practices must ensure their businesses are not dominated by a single service in order to remain competitive in financial services, particularly as the convergence of both industries in the advice arena increases.

The quality of evidence an SMSF auditor gathered and used to assess the compliance of a particular superannuation fund must match the risk characteristics of the fund’s assets, according to a specialist industry practitioner.

The SMSF Professionals’ Association of Australia has claimed the latest tax office statistics further disprove many criticisms of the SMSF sector, such as young people being inappropriately enticed to establish this type of fund, the volume of allocations to residential property and the overuse of gearing.

The Accounting Professional and Ethical Standards Board (APESB) is looking to find a compromise with the Institute of Public Accountants (IPA) for the APES 230 measure, with both bodies committed to an open dialogue.