News : Compliance

ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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Compliance, SMSF, Trusts

Trust overpayment can be compliant

Unit trust distribution SMSF

Appropriate accounting treatment of an overpayment of a unit trust distribution to an SMSF can prevent the situation from being a compliance breach.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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Compliance, LRBA, NALI/NALE, SMSF

Dual LRBAs feasible but complex

Related-party commercial LRBA NALI ATO SIS

SMSFs can use commercial and related-party LRBAs to purchase an asset, but may struggle to get past lending criteria and the NALI safe-harbour provisions.

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ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

Superannuation reserves

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

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Administration, Compliance, Management, NALI/NALE, SMSF

AAT overturns NALI interest ruling

NALI interest income AAT

The AAT has ruled interest derived from a complex lending arrangement established by an SMSF trustee was not NALI despite the arrangements being at non-arm’s length.

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Auditing, Compliance, Documentation

ATO issues early audit reminder

SMSF auditor reminder

The ATO has reminded SMSFs of the need to appoint an auditor in the lead-up to lodging annual returns, noting practitioners may be busy during these peak periods.

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Administration, Compliance, Regulation, SMSF, Trusts

Lost deeds undermine trust functions

Lost trust deed

A lost trust deed can bring into question the ability of trustees to carry out their duties and cast doubts over the operations of the trust.

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Compliance, SMSF, Trusts

Year end not trust payment deadline

SMSF trust distribution payment deadline

Trust distributions payable to SMSFs must be paid as soon as possible after the amount involved has been determined so as to eliminate compliance risk.

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Compliance, financial advice, Regulation, SMSF

Use tech services with caution

Financial advice technical services

SMSF advisers should use technical support services in moderation when offering advice on complex or technical matters outside their expertise.

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