News : Compliance

Compliance, Contributions

More than one sole purpose test

Sole purpose test Contributions Concessional contributions Superannuation Industry (Supervision) (SIS) Act

The separated sole purpose test covering contributions must be considered when contemplating certain SMSF strategies aimed at providing a tax benefit.

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Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

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Administration, Compliance, Contributions

Active member contributions broader

Active member test Contribution Rollover

Trustees and practitioners must be aware the definition of contribution for the purpose of the active member test is broader than in other circumstances.

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Auditing, Compliance, Insurance

Auditor PI should cover review action

SMSF auditors professional indemnity PI insurance ATO review Bryce Figot DBA Lawyers

SMSF auditors should check their PI insurance will fund a defence against an ATO review, as well as being sued by clients.

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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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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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Auditing, Compliance

Audit shopping checks still required

Auditor shopping compliance record engagement letter

Auditors must check the compliance record of any potential clients with professionals the trustee has previously engaged prior to servicing them.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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