Articles by Tharshini Ashokan

Pensions

Intentions key to reversionary pensions

reversionary pensions

Advisers should carefully consider trustees’ intentions regarding beneficiaries before establishing reversionary pensions on their behalf, an SMSF expert has said.

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ATO, Property

ATO seeks input on in-house asset exclusion

in-house asset exclusion

The ATO’s draft legislative instrument excluding SMSFs that provided COVID-19 rent deferrals from acquiring in-house assets is open for consultation.

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Documentation, Succession Planning

Multi-member funds face death dispute risk

multi-member SMSFs

Potential disputes regarding death benefit payment decisions could be averted if trustees choose to have funds with fewer members, a legal expert says.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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ASIC

SMSF adviser jailed for six years

SMSF adviser jailed

A former SMSF adviser has been sentenced to six years’ jail for the misappropriation of client funds.

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Pensions

COVID-19 creates pension amount rethink

minimum pension amount

Advisers should factor in changes to members’ income needs and possible cash sources outside of their fund when applying COVID-19 reduced minimum pension measures for their clients.

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ATO, Auditing

TPB action key to deterring SAN misuse

SAN misuse

The ATO has welcomed the TPB’s action against tax practitioners who engaged in fraudulent misuse of SMSF auditor numbers (SAN).

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Auditing

Evidence of investment review key to audit

SMSF investment strategy

Auditors will look for evidence trustees have reviewed their SMSF investment strategy in light of the significant events of 2020, an audit expert says.

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Auditing

ATO flags new auditor independence standards

auditor independence standards

Auditors must comply with a new guide’s standards to ensure SMSF auditor independence, the ATO says.

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Infrastructure, Investments

Call for SMSF access to infrastructure assets

infrastructure assets

The establishment of liquid investment vehicles to house infrastructure assets would give SMSFs overdue access to this asset class, the SMSFA and FSC say.

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