You may or may not subscribe to the belief that Australia faces a change of government in the near future. The arguments for and against and the volume of discussions held over the barbecue are likely to ramp-up in the time between now and the next federal election, which must be held before the[ Read More ]
Royal Commission, market volatility: Is now really the time to move away from annual independent audits?
SMSF trustees still seem to be digesting the yet-to-be enacted proposal to move SMSFs to a three-year audit cycle. Tax & Super Australia (TSA) is highly concerned about the impact of this proposal on the integrity of the superannuation system in Australia. During a period of volatility where the financial services sector is facing[ Read More ]
Peter Johnson, director of the national network of AFSL-licenced specialists The SMSF Expert, answers a question regarding a fund member with a TRIS that has drawn more than the 10% cap. Problem with over-withdrawing a TRIS, and the solution Problem with over-withdrawing a TRIS, and the solution Problem with over-withdrawing a TRIS, and the[ Read More ]
A deadline that many SMSF professionals may have lost sight of is fast approaching — 1 January 2019. This is when new educational requirements for SMSF advisers start, and the Financial Adviser Standards and Ethics Authority (FASEA) takes over setting the educational and ethical requirements to be a financial adviser. Other important dates to[ Read More ]
A discussion paper was issued by Treasury in the first week of July, titled “Three year audit cycle for some self-managed superannuation funds”. Among the more contentious proposals was that trustees should be able to self-assess their eligibility to conduct audits every three years, as opposed to the current standard of a yearly audit.[ Read More ]