SMSF Accounting

Accountants and financial planners have been called upon to be more vocal in their promotion of SMSFs, with one expert pointing to the opportunity they have been given as a result of the outcome of the recent federal election.

While the annual tax return for 2019 does not contain as many adjustments as the one last year, an SMSF software firm has flagged some of the key changes, including new requirements to report bank account details and information relating to loans.

With different administration software providers each issuing their own member codes and identifiers, the ATO may have difficulty matching separate events where an event is cancelled, a software firm warns.

While the taxpayers who incorrectly received excess determinations for non-concessional contributions have been given an extension for their election due date, some of these clients had already paid for advice to deal with the determination, says an industry law firm.

Greater numbers of accountants are partnering with financial planners to service the SMSF sector, according to new research from Investment Trends, which also found trustees rank expertise ahead of fees.

The ATO has reminded auditors about some of the specific requirements that trustees must meet when winding up an SMSF and the checks that SMSF auditors need to undertake for the final audit.

Labor MPs continue to defend the proposed cap on the deductibility of accountants’ fees, as accountants, software vendors and associations alike pick up the pace with their lobbying.