SMSF
Common lessons for SMSF professionals in succession case
A succession case involving a series of wills and codicils and a complex restructuring of family investments provides some simple but important lessons on witnessing docu...
Dual purpose corporate trustees placing SMSF assets at risk
With COVID-19 heightening the risk of bankruptcy and insolvency, SMSF professionals should be encouraging clients to move to sole purpose corporate trustees to help prote...
ATO issues updated auditor independence guidance
The ATO has released new guidance on the APESB Independence Guide which further clarifies what firms need to do to overcome independence hurdles and its compliance approa...
Audit pools may ‘ultimately fail’, audit firms warned
While the ATO has stated that it may be possible to address the independence threats arising from an audit pool arrangement, this does not account for some of the practic...
New super measures announced to tackle fund underperformance
While SMSFs have largely been spared in this year’s budget, the government has announced a raft of reforms to tackle superannuation fund underperformance and multiple a...
Professional indemnity risks flagged with delaying new independence standards
While the ATO will not commence its compliance activities regarding the updated auditor independence guidance until 1 July next year, it has warned there may be other imp...
ATO provides clarity on offshoring and independence standards
The ATO has provided its views on the outsourcing of accounting and auditing services to offshore providers in relation to meeting the updated auditor independence standa...
ATO flags potential issues with audit pooling arrangements
The ATO is advising in-house audit firms to try and avoid entering pooled audit arrangements with other firms in order to meet the auditor independence guidance as there ...
6-member SMSFs to reduce compliance costs, says IGTO
Increasing the number of members in an SMSF to six may help simplify tax administration and reduce costs for both the ATO and SMSF members, says the Inspector-General of ...
Independence standards to impact 54% of SMSF accountants, survey shows
The proportion of SMSF accountants to be impacted by the new auditor independence standards could be higher than originally estimated, with a recent industry survey indic...
