5+ day, 11+ hour ago   (422+ words) Auditors as well as tax agents have a responsibility to determine whether an SMSF has triggered the non-arm’s-length income provisions. A senior practitioner in the sector has reminded auditors their processes must include an assessment as to whether a situation…...

1+ week, 11+ hour ago   (312+ words) The asset thresholds that determine if a person is a sophisticated or wholesale investor are no longer relevant in the current economy. A senior accounting firm executive has labelled the wholesale or sophisticated investor thresholds applying to SMSFs out of…...

2+ week, 5+ day ago   (438+ words) SMSFs using a bare trust for an LRBA asset purchase should not overload that vehicle with duties to ensure it remains fit for purpose. SMSFs using a bare trust to hold an asset purchased using a limited recourse borrowing arrangement…...

2+ week, 6+ day ago   (452+ words) Consumers are seeking advice to provide reassurance ahead of retirement planning and gaining high levels of confidence by doing so. Consumers are increasingly seeking financial advice to gain assurance about their future rather than looking for specific retirement goals, but…...

2+ week, 6+ day ago   (331+ words) The tax ombudsman has made three major recommendations to the ATO in order to improve the regulator’s digital services for agents. The tax ombudsman has called on the ATO to modernise its online digital services for tax agents to reduce…...