News : Compliance

Auditing, Compliance, SMSF

Investment decision evidence required

SMSF Investment strategy Documentation Supporting evidence

An SMSF investment strategy must be documented along with the decisions the fund’s trustees have made in order to adhere to it.

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AAT, ATO, Compliance, NALI/NALE, SMSF

CAANZ calls for NALI clarity

NALI AAT ATO BPFN and Commissioner

It has been recommended the ATO update its non-arm’s length income guidance after one of its rulings was overturned by the AAT last year.

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Auditing, Compliance, Property

More property data now required

Residential property SMSF Audit SMSF audit Title search

Conventional practices regarding information about an SMSF residential property for the annual audit may no longer be considered sufficient.

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ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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Compliance, Investments, Property, SMSF

Property development loans add risk

Property development NALI Loans Guarantees SMSFRB 2020/1

SMSF trustees who provide a guarantee for a property development project loan may expose the fund to non-arm’s length income penalties.

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ASIC, Compliance

AFSL cancelled due to adviser misconduct

ASIC Australian financial services licence AFSL Octillion Partners SMSF advice Shane Allen Rose

ASIC has cancelled the license of a Queensland-based advice firm due to the non-compliant activities of one of its SMSF advisers.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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Commercial Property, Compliance, Property

Vacant land not considered BRP

Vacant land Business real property Related party SMSF In-specie transaction

An SMSF cannot acquire vacant land from a related party as it does not meet the definition of business real property at the time of the transaction.

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Auditing, Compliance, In-house assets

ASIC check crucial for IHA compliance

ASIC register in-house assets Related party Auditor SMSF

To avoid running into in-house asset issues, auditors should review company details held on the ASIC register to determine if an SMSF is dealing with a related party when conducting a transaction.

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Administration, ATO, Compliance, Contributions

Contribution return window narrow for over 75s

ATO Contribution SIS Act SMSF

SMSFs receiving contributions from members aged over 75 will likely have to return them and should be aware the timeframes within which to act are very limited.

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