Articles by Todd Wills

Administration, Documentation, Legislation

Paper deeds provide legal certainty

SMSF trust deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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ETFs, Investments

Short-term cash ETF hits market

Betashares short term cash ETF

Betashares has expanded its suite of cash and fixed-income fund offerings with the introduction of an Australian cash ETF.

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AAT, Compliance, Legislation, Regulation

Past actions can bar trustee appointment

SMSF disqualified trustees Dishonest conduct SIS act

People who wish to become SMSF trustees must present a clean sheet of behaviour in regards to dishonest conduct as past actions can bar them from being appointed.

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ATO, Compliance

ATO can act on trustee impasse

Disqualified trustees ATO Acting trustee SIS act

SMSFs at an impasse due to no trustee willing to take action can ask the ATO to step in to appoint someone to manage the fund.

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financial advice, Legislation

Industry input crucial to more QAR changes

Stephen Jones Quality of Advice Review Safe harbour Statement of advice QAR

Several outstanding recommendations of the Quality of Advice Review will be legislated in 2024, contingent on further discussions with industry bodies.

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Auditing, Compliance, Tax

Avoid flawed valuations to cut tax

Superannuation earnings tax Asset valuations Market value $3m soft cap tax SIS Regulation 8.02B

Attempting to avoid the impact of the $3 million soft cap tax by providing undervalued asset assessments is likely to create more problems for SMSF trustees than it solves.

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Property, Tax

GST on property costs essential

SMSF trustees commercial property lease agreement GST

Trustees with a commercial property lease agreement must apply GST to any outgoing costs they expect to recover from a tenant.

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Administration, ATO, Compliance, Regulation

Clarity needed on illegal access discretion

Illegal early access superannuation ATO discretion tax ruling

Uncertainty over a key tax ruling has raised concerns regarding how the ATO and the tax commissioner might handle cases of illegal fund access by an SMSF.

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Commercial Property, Compliance, NALI/NALE, Property

Lease pre-payment a NALI risk

NALI Lease pre-payment Business real property Related-party tenant

SMSFs accepting advance payments from a related-party tenant for leasing business real property have been warned such an arrangement may expose the fund to NALI.

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Auditing, NALI/NALE

Dig deep for NALI compliance

SMSF auditors NALI NALE compliance

The activities of all participants in an SMSF property development scheme should undergo scrutiny for compliance with NALI/E provisions, rather than just the SMSF itself.

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