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Welcome to this edition of the Chartered Accountants Superannuation Bulletin. What follows is a brief update on current superannuation issues aimed at assisting practitioners.
SMSF Draft Ruling SMSFR 2008/D3
The Tax Office has released SMSF Draft Ruling SMSFR 2008/D3 Superannuation: business real property for the purposes of the Superannuation Industry (Supervision) Act 1993. This Draft Ruling explains the meaning and practical application of the term business real property as that term is used in the laws governing self managed superannuation funds (SMSFs).
Interested stakeholders are invited to make comments by 12 June 2008.
Investor Research Report
This week ASIC released its Investor Research Report. The findings are based on research relating to Australian consumers’ understanding of investments and their levels of financial literacy. A group of 1200 Australian investors were surveyed. The report includes a section on SMSF and financial planning.
ASIC Launches Updated Training Register
On Thursday 29 April 2008, ASIC launched its new updated training register. The Register will improve the way individuals in the financial services industry can search for information about approved courses and course providers.
The new improvements to the Register include:
- a new searching facility to search courses and course providers
- an updated layout
- a separate archived section containing courses that have been deregulated
- additional course content information
Facilitating Online Financial Services Disclosures
ASIC has released a consultation paper proposing to facilitate disclosure of financial services information through email and internet as part of the Retail Investor Taskforce work to improve access to such information.
ASIC is also proposing relief to enable trustees of superannuation entities to use a webiste as the default method of delivering annual superannuation information. The proposed relief will mean that the annual superannuation information is treated in much the same way as company annual reports.
The Institute of Chartered Accountants will be making comment on ASIC's consultation paper. The Institute would welcome any feedback from members on the above proposal, please email your feedback to Financial.Services before 28 May 2008.
Federal Budget
The Federal Budget will be released 13 May 2008. The Institute will be releasing on Wednesday 14 May a summary of some of the key issues.
21 April 2008
Changes to annual reporting for SMSFs
From the 2007-08 income year, trustees of self managed superannuation funds will lodge the new Self managed superannuation fund annual return 2008.
23 April 2008
Super industry working party - questions and answers
This document contains answers to questions raised by the super industry working party groups. It will be updated regularly with answers to questions the ATO receives.
02 May 2008
Self paced learning guides for super professionals
From 1 July 2007 a range of legislative and administrative changes to super came into effect.
In preparation for these changes our staff completed a number of self paced learning guides which are now available to super professionals.
On Friday, 18 April 2008, the Institute hosted an industry Forum aimed at discussing the regulatory and governance framework of self managed super funds (SMSFs). Government representatives, key industry stakeholders, members and Institute employees were involved in the SMSF Governance Forum, which discussed the key recommendations in a discussion paper Review of the existing regulatory and governance framework produced for the Forum.
The Forum considered the regulatory framework currently applied to SMSFs and discussed:
- The Taxation Office’s regulation assessment of fund compliance status
- The remedies available to the regulator
- Investment strategies and investment restrictions
- Barriers to establishing and operating SMSFs
- Fund structure as defined by the Superannuation Industry (Supervision) Act 1993
- Various accounting and auditing requirements
A white paper will be produced and made available to members, which will detail and discuss the key recommendations made by the participants throughout the Forum.
The Institute of Chartered Accountants and the other professional accounting bodies last year initiated discussions with the Auditing and Assurance Standards Board (AUASB) to produce a guidance statement to aid auditors conducting audits of self managed super funds (SMSFs).
The Institute is represented on the project advisory group, which is assisting the AUASB in the development of the guidance statement, tentatively entitled, Financial and Compliance Audits of Self Managed Superannuation Funds. It is expected to be finalised and available for use by auditors in connection with the upcoming June 2008 audits of SMSFs.
The audit guidance statement is expected to help members comply with the competency requirements for auditors of SMSFs, released in February 2008, by the three professional accounting bodies. For more information please click here
1. Chartered Accountants Business Forum 2008
Throughout April, May & June in Brisbane, Melbourne, Sydney, Canberra, Adelaide & Perth
Whats your strategy for the year ahead? Join industry leaders and your peers as vital topics are addressed, key technical updates explored, and new ideas and options examined.
2. Audit of Self Managed Superannuation Funds Workshop
Throughout May and June in Brisbane, Melbourne and Sydney. Now that there are competency requirements for auditors of self managed super funds, don't miss out on ensuring your audits are compliant with the regulatory requirements.
3. Audit of Self Managed Superannuation Funds Update
Throughout May and June in Brisbane, Melbourne, Adelaide, Perth and
Sydney. For those who attended the Audit of Self Managed Super Funds
Workshops in 2007, the Audit of Self Managed Super Funds Workshops Update
will give you thorough knowledge of the final competency requirements in
just a few hours to be ready for 1 July 2008.
Disclaimers
This is an initiative of, and has been prepared by
the Technical Standards Team of the Institute of Chartered Accountants in
Australia. While every effort has been made to ensure the accuracy of the
information contained therein, neither the Institute nor its employees
shall be liable on any grounds whatsoever in respect of decisions or
actions taken as a result of using this publication. The information
provided is a general guide only and should not be used, relied on or
treated as a substitute for specific professional advice or referral to
the relevant specific standard.
The information is this email is confidential to the
named addressee and subject to copyright. No one else may read, print,
store, copy, forward or act in reliance on all or any of this email or its
attachments. If you are not he intended recipient, any use, reliance upon,
disclosure or copying of this email is prohibited and unlawful. If you
have received this email in error please notify the sender. The Institute
of Chartered Accountants in Australia (ABN 50 084 642 571) does not
warrant that this email and any attachments are error or virus free and
recommends that all attachments be checked for computer viruses.
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