SMSF
SMSF accounting and audit firms handed fresh resource on independence changes
Accounting firms waiting on ATO guidance around new SMSF auditor independence requirements have been handed an additional resource from a professional accounting body.
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‘3 strikes and you’re out’: ATO eyes 80,000 late SMSF returns
The ATO has launched a new compliance campaign aimed at driving the lodgement of SMSF annual returns as it chases 80,000 late returns.
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Limited licensing framework needs to be removed, says SMSF Association
The SMSF Association has called for a more efficient regulatory framework for financial advisory services, outlining several recommendations that can address the limited ...
State of SMSF advice model needs ‘urgent wholesale review’
Two major accounting bodies have called for further discussion on the comprehensive review around defining the type of advice accountants can give regarding superannuatio...
General transfer balance cap set to rise to $1.7m
With the All Groups CPI figure for the December quarter at 117.2, indexation of the general transfer balance cap is set to occur on 1 July, which may lead to increased co...
SMSF firm wins court appeal in dispute over sale of client list
The Supreme Court of Western Australia has upheld an appeal initiated by an SMSF advice firm against an estate involving misrepresentations that were made in relation to ...
Auditors warned on independence threats with partners of client firms
Auditors who are auditing funds for the partners of an SMSF firm as well as their clients have been warned there may be intimidation or self-interest threats which will n...
Proposed super measures could lead to ‘unacceptable’ NALI breaches
A major accounting body has warned about the interaction between the government’s proposed measures around third-party payments by super funds and the non-arm’s lengt...
Pooling arrangements ‘no holy grail’ for auditor independence
SMSF firms planning to enter pooled auditing arrangements have been warned that these arrangements, particularly larger ones, may be considered to be a network, exposing ...
ATO provides update on timeline for auditor independence guidance
The ATO plans to publish detailed guidance on the independence standards impacting in-house audits and its compliance approach in March, in lieu of writing to audit firms...
