News : Compliance

Auditing, Compliance, Investments, Regulation, Superannuation

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

read more
Compliance, Death benefits, Superannuation, Tax

Non-cash payouts can be a great solution

ATO Death benefit member benefit Superannuation benefit Redemption of investments

A recent ATO private ruling regarding death benefits could have had a different outcome if an alternate redemption process had been used.

read more
Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

read more
ATO, Compliance, LRBA

PCG 2016/5 compliance pleasing

Related parties PCG 2016/5 LRBA ATO Non-licensed financial institutions

The ATO has found the majority of SMSFs with an LRBA sourced from a non-licensed financial institution are obeying the relevant compliance rules.

read more
Compliance, Documentation, Property

Long-term record-keeping recommended

SMSF property development record keeping ATO NALI audit

Lengthy retention of records related to property development by an SMSF is recommended given the ATO’s increased focus on the past actions of some funds.

read more
Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

read more
ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

read more
ASIC, Compliance, financial advice

Ex-directors sanctioned for SMSF dishonesty

Mudasir Mohammed Naseeruddin Mark Andrew Cooper SMSF ASIC Banned

A former company director who persuaded investors to transfer their super into SMSFs to use the funds for his own benefit has been sentenced to jail, while another has been slapped with a ban.

read more
Compliance, Property, SMSF

Zoning does not define BRP

SMSF Business real property Zoning

The zoning rules applying to a piece of real estate have no significance in determining whether the asset can be considered business real property.

read more
Auditing, Compliance, SMSF

Beware of altered valuations

SMSF auditor asset valuation market value $3 million superannuation earnings tax

SMSF auditors should exercise some scepticism regarding asset valuations in 2024 as trustees may be attempting to escape the impacts of the $3 million soft cap tax.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.