Articles by Todd Wills

AFCA, Compliance, Regulation

Declaration can be used as disclaimer

Disclaimer Trustee declaration statement AFCA Legal protection

Practitioners may reissue fund establishment documents to SMSF clients as a precautionary measure to protect against potential legal threats in the future.

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Appointments, Regulation

Government names CSLR chair

CSLR Compensation Scheme of Last Resort Jo-Anne Bloch

The federal government has appointed a former FPA chief executive as the chair of the Compensation Scheme of Last Resort board.

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BDBNs, Death benefits, Estate Planning

Review fund deed when circumstances change

BDBN Seperation De facto Trust deed SMSF

It is crucial to review the trust deed of a fund in the breakdown of a spousal relationship to ensure estate planning strategies can continue to operate as intended.

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Auditing

Valuation expectations may rise

Valuations SMSF auditors Division 296 tax

In preparation for the Division 296 tax, SMSF auditors should be requesting sworn valuations for property assets held within a fund.

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SMSFA, Tax

Div 296 indexation change proposed

SMSF Association Indexation Teals Indexation Division 296 tax

An amendment to ensure the $3 million threshold for the proposed Division 296 tax will be subject to indexation is likely to be introduced into parliament.

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Retirement

Home equity in retirement overlooked

Home equity Retirement SMSF Association Retirement income

Using equity gained from home ownership may be an underused strategy to help prolong superannuation savings in retirement.

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ASIC, ATO, Auditing, Compliance

ATO clear on audit compliance expectations

SMSF auditors ATO ASIC QC 45566 Compliance

The ATO is taking a strong approach to compliance by SMSF auditors and has provided clear guidance on what it expects them to do.

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Compliance, NALI/NALE, SMSF

Lack of discount policy a NALE risk

SMSF NALI Discount policy PCG 2020/5 LCR 2021/2

Firms offering discounted SMSF services to their employees may face NALE repercussions at the end of the financial year if specific conditions are not fulfilled.

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Compliance, Legislation, SMSF, Tax

Asset value change a Div 296 risk

Division 296 tax Liability Asset valuations SMSF Refund

The unexpected variation in the value of assets held within SMSFs may expose trustees to a $3 million soft cap tax liability with little relief available to obtain a refund on any losses.

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Appointments, financial advice

Vic firm bolsters management team

Morrows Appointment Executive team SMSF

A financial advisory firm that offers services to SMSF trustees has made six appointments to its executive leadership team.

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