compliance

Government commits more funding to TPB, but look where it’s coming from

  On the night the 2018 Federal Budget was tabled, the Chair of the Tax Practitioners Board (TPB), Ian Taylor, distributed a media release welcoming the Budget announcement of ongoing additional funding for the TPB, which he said would “ensure that the TPB is able to continue to meet its legislative responsibilities and protect consumers of

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A modern solution for the annual SMSF audit

  Rosie Squibb is a Chartered Accountant operating her own practice in the Nambucca Valley on the mid-north coast of NSW and provides tax and accounting services and advice to SMSF trustees. As readers will know, Section 35C of the SIS Act requires all superannuation funds, regardless of size or type, to be audited on

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Transfer balance account report (TBAR) update

  The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions. SMSF trustees are required to report the following

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More SIS compliance headaches on the way for SMSFs

  Trustees of SMSFs may be soon required to add the creation of a “retirement income strategy” alongside existing compliance requirements centring on investment and insurance. This would similarly require review on a regular basis. The covenants of investment and insurance strategies exist in the Superannuation Industry (Supervision) Act 1993 (SIS), with an additional retirement

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Three-year SMSF audit cycle proposal stirs debate

  The proposal in the Federal Budget to change the requirement for SMSFs to have an annual audit, moving instead to a three-year auditing cycle, has been met with mixed reactions from the marketplace. Naturally, SMSF trustees have generally welcomed the news, at first glance — welcoming the justification used in the budget papers that

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