News

Administration, Insurance

Flaw in admin systems detected

Administration software insurance

A weakness exists in standard administration software being used for SMSFs that could impact certain fund strategies, a technical mentor has said.

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ATO, Auditing

ATO scraps APES 110 mail-out

ATO APES 110 mail-out

The ATO will be publishing detailed guidance regarding the new auditor independence standards instead of sending individual letters to SMSF auditors as initially planned.

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Documentation, Investments

Liquidity will test trustee strategies

liquidity investment strategy

A failure by trustees to account for liquidity in an investment strategy may be tested by SMSF members hit by COVID-19 related losses.

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Pensions

Cashless commutations tricky

Cashless pension commutations

Adverse tax outcomes can result from full commutations of pensions involving in-specie transfers, a technical services manager has warned.

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Auditing

Amended standard drives audit firm interest

auditor independence third party

The need to meet new auditor independence standards has led to an increase in interest around third-party audit services.

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Pensions

SMSFA welcomes legacy pension measure

legacy pensions measure

The government’s move to allow the partial commutation of certain non-commutable pensions has been welcomed by the SMSF Association.

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Auditing

Pooling no independence fix

pooling auditor independence

Pooling arrangements established among several accounting firms may not provide a solution facilitating compliance with the amended auditor independence standards, an SMSF specialist practitioner has said.

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Strategy

TBC indexation may mean moving thresholds

TBC indexation

Possible indexation changes to the transfer balance cap later this year will create an irregular schedule of changes to contribution caps that may affect bring forward strategies.

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Documentation

Divorce court orders essential for SMSFs

divorce court order SMSFs

A court order should be sought by SMSF clients going through a divorce as an asset protection measure, an SMSF technical expert has said.

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Superannuation

NCCC breaches most serious

Non-concessional contributions cap breaches

A specialist SMSF practitioner has warned breaches of the non-concessional contributions cap can lead to significant financial punishment and should be taken most seriously.

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