News : Administration

Administration, SMSF

Procedural ease not most prudent

appointment removal SMSF trustees

Convenience cannot be the main factor determining the procedure individuals use when appointing or removing SMSF trustees.

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Administration, Platforms, SMSF

SuperMate pricing adjusted

SuperMate pricing

Users of SMSF administration platform SuperMate will now have the flexibility of a new pricing tier more appropriate to their requirements.

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Administration, ATO, BDBNs

BDBN myth dispelled

BDBN

A binding death benefit nomination can completely replicate the terms of a reversionary pension, but in a more practical fashion.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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Administration, SMSF, Strategy

Question capability before strategy

Investment strategy

SMSF advisers focused on creating an investment strategy for clients should perhaps firstly consider if an SMSF is even suitable for them.

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Accounting, Administration, SMSF

Class improves its market presence

SMSF software provider

Class has recorded a jump in the number of clients using its suite of products for the 12-month period to the end of March 2023.

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Administration

Reporting change requires attention to detail

TBA reporting

The shift to quarterly reporting will require greater vigilance by SMSFs in recording events while removing the perception they can post-date decisions.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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Administration, Technology

Hub24 targets more SMSF growth

Hub24 service SMSF

Hub24 has developed a new end-to-end service for SMSFs aimed at growing the sector and the role the organisation will play in it.

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Administration, SuperStream

Flagging SuperStream breaches vital

SuperStream breaches

SMSFs should document why outgoing rollovers may not be compliant with SuperStream rules to mitigate the possibility of penalties.

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