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Edition 07/21
23 November 2007
Welcome to this edition of Retirement Income Alert Today. What follows is a brief update on current superannuation and financial planning issues aimed at assisting practitioners.
Headlines
- Competency requirements announced for auditors of SMSFs
- Simpler Superannuation
- Institute releases Financial Planning industry discussion papers
- Review of AAS 25 - Consolidation of Subsidiaries by Superannuation Entities
- Training and Development
- News and Media Releases
- ATO - What's new?
- Legislation Update
1. Competency requirements announced for auditors of SMSFs
The draft set of competency requirements developed for auditors of SMSFs by the Institute, along with the CPA Australia and the NIA, has involved consultations with stakeholders.
In summary, it will be mandatory for a member undertaking an SMSF audit to meet the following requirements:
- Hold a practicing certificate issued by the professional accounting body of which they are a member - the Institute of Chartered Accountants in Australia, CPA Australia Ltd or the National Institute of Accountants
- Have relevant Professional Indemnity Cover
- Undertake Continuing Professional Development as set out in the requirements
- Ensure that those who undertake work on their behalf have appropriate knowledge and experience, and are properly supervised in the conduct of the audit
The competency requirement will be operative for financial reporting periods commencing on, or after, 1 July 2008. However, members are encouraged to adopt these requirements earlier.
The competency requirement recognises that the auditing of SMSFs is an area that has grown significantly in recent years, where additional guidance for members is appropriate. It does not represent the establishment of a designated specialisation.
As part of the consultation process the Institute will consider member feedback before the requirements are finalised in early 2008. Comments should be forwarded to techsubmissions@charteredaccountants.com.au by 7 December 2007.
For more information, visit the
Institute website.
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2. Simpler Superannuation
Simpler Super - Industry Stakeholder Q and A
This list contains answers to questions raised by the current Simple Super Stakeholder Working Groups. It will be updated weekly on Mondays with answers to questions we have already received and future queries. Where an answer is pending we will provide an estimated response time, which will be reviewed on a weekly basis.
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3. Institute releases Financial Planning industry discussion papers
Key observations: A forum on the financial planning industry represents the latest instalment in the Institute's leadership initiatives, which aim to look ahead, question and positively influence the growth of the accounting profession. By publishing the white paper the Institute acknowledges that many of its members are involved in the financial planning industry, and also reflects the ongoing commitment the Institute has to the financial planning sector.
The white paper was produced as a result of a financial planning industry forum facilitated by the Institute in July this year to discuss the Institute commissioned paper Reinventing financial planning written by Chartered Accountant Robert M C Brown.
The forum, which was designed to encourage open communication and debate in the industry, brought together: consumer advocates; regulators; product manufacturers; 'dealer' groups; and practitioners.
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4. Review of AAS 25 - Consolidation of Subsidiaries by Superannuation Entities
The AASB has issued a consultation paper
Members are encouraged to prepare their own submission on this document and submit them to the Institute no later than 26 November 2007 before the closing date shown.
For more information, refer to the Institute's Technical Standards' exposure drafts web page
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5. Training and Development
Audit of Self Managed Superannuation Funds Workshop
Throughout November in Melbourne and Sydney.
Now that the new auditing standards apply to SMSF audits, don't miss out on ensuring your audits of SMSFs are compliant with the regulatory requirements.
Chartered Accountants SMSF Conference
As the number of Self Managed Superannuation Funds continue to grow, so do the number of opportunities. Build on your knowledge, with exceptional speakers, case studies and examples.
Superannuation Day
Throughout November in Adelaide and Perth.
Explore essential SMSF updates and insights, now that 'Better Super' reforms are in place. Delve into the planning issues and pitfalls, focusing on how to identify the triggers.
Graduate Certificate in Financial Planning
The Graduate Certificate in Financial Planning provides the key knowledge and skills required in today's financial planning regulatory environment, at a postgraduate level. The qualification provides the competencies with ASIC's PS146 requirements for giving advice in financial planning, managed investments, life insurance and superannuation.
Simpler Superannuation Web Cast
Australia is currently undergoing the most significant changes to superannuation in decades. Be prepared by watching Susan Orchard, from the Institute of Chartered Accountants, discuss the implications to taxed funds. Top
6. News and Media Releases
'ASIC has provided revised guidance for individuals and companies seeking registration as a company auditor or an authorised audit company.' More information about Regulatory Guide 180 - Auditor registration, as well as a link to download a copy of RG 180 is available.
The Superannuation Complaints Tribunal has made a decision on what should happen to super benefits when a member dies and their spouse and children cannot be located. The case involved a man who came from the Philippines to live with his sister, leaving his wife and children in the Philippines. After he died, the Trustee was unable to locate his wife and children, and divided his benefits 20% to the member's sister, and 80% to the Register of Unclaimed Moneys. The Tribunal held this was unfair and unreasonable, and ordered that the whole benefit be paid to the sister. See the Tribunal's decision.
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7. ATO - What's new?
Super industry working party Q and A
This document contains answers to questions raised by the Super Industry Working Party Groups. It will be updated regularly with answers to questions we receive. Where an answer is pending we will provide an estimated response time. Any new or changed text is highlighted by an asterisk (*).
Self paced learning guides for super professionals - simplified payment rules
NAT71582) explains the new arrangements when paying super benefits from 1 July 2007
Changing Jobs
Leaving your current employer to change jobs is a good time to review your superannuation and possibly combine your super accounts.
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8. Legislation Update
As an election has been called all legislation which has not been passed expires and would need to be reintroduced by the new government.
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For further information on this newsletter, please contact:
Special Interest Coordinator
Ph. 02 9290 5526
Email. super.queries@charteredaccountants.com.au
Disclaimers
This is an initiative of, and has been prepared by the Special Interest 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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