News : Administration

Administration, Compliance, Regulation, SMSF

Ruling clarifies SMSF director-executor pay

SMSF director executor

A recent court ruling has clarified whether an SMSF is legally required to compensate a director when they are appointed as both a director and executor of an SMSF.

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Administration

AMP to sell SuperConcepts

AMP SuperConcepts

AMP has agreed to sell SuperConcepts to a private management group headed by a former CountPlus executive in a cash deal valued at $8 million.

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Administration, Compliance, SMSF

Rollover objections cannot be ignored

SMSF rollover objections

SMSF trustees cannot ignore a member’s objection to a rollover and should seek legal advice even if the trust deed allows for the transfer.

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Administration, ATO, SMSF

Don’t cancel ABN in wind-up process

SMSF wind-up ABN

SMSF practitioners and trustees should not cancel a fund’s ABN during a wind-up process as the wrong timing of this action will freeze the procedure.

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Administration, ATO, SMSF

Zero balance not needed in wind-up

SMSF zero balance

SMSFs do not have to reduce their balance sheet to zero during a fund wind-up and doing so may result in having to estimate a future tax payment.

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Administration, Financial Planning, SMSF

Incapacity measure misunderstood

SMSF and incapacity

An ordinary power of attorney will not provide a proper solution for an SMSF when a member suffers from mental incapacity.

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Administration, ATO, Contributions, SMSF

Rounding a contribution trap

contributions rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

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Administration, SMSF, Technology

Members to drive real-time data shift

Real time SMSF information

Member demand will be the most significant factor in speeding up the provision of real-time member information in the SMSF sector.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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