News : Documentation

Documentation, Pensions

Deed key to stopping legacy pensions

Trustees need to pay particular attention to the details contained in the SMSF trust deed before commuting a legacy pension.

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Auditing, Compliance, Documentation

Check existence of old declarations

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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Documentation, Investments, Trusts

Past borrowings okay for 13.22C trusts

A unit trust or company can have previously employed a borrowing arrangement and still allow for an exempt SMSF in-house asset investment under SIS Regulation 13.22C.

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Documentation, Estate Planning, Trusts

Trustee death requires creative response

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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Division 296, Documentation, SMSF

Proposed tax necessitates SAR change

The reporting regime for SMSFs is having to be modified due to additional information that will be required for Division 296 tax calculations.

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Documentation

All fund actions should be recorded

Self managed super, SMSF, documentation, arm’s length, superannuation law, ASF Audits, Shelley Banton, section 109, SIS Act, NALI, Division 296 tax, market valuations, sole purpose, financial assistance, in-house assets, non-arm's-length

Every action that takes place within an SMSF should be documented to show they all happened at arm’s length and were compliant with superannuation law.

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Contributions, Documentation, Investments

Hybrid asset acquisition allowable

SMSF, self managed super, Hybrid asset, asset acquisition, in-specie contribution, LCR 2021/2DC, Accurium, Anthony Cullen, contract

An SMSF asset purchase can be executed using a payment from the fund and an in-specie contribution as long as a stipulated process is followed.

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Compliance, Documentation

Resolutions use can lessen disputes

Member disputes, Accurium, education, Mark Ellem, Neal Dallas,

Adopting a practice of using resolutions to verify every course of action an SMSF undertakes can effectively mitigate member disputes.

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Documentation

Sidestep deeds filled with law

SMSF deeds, superannuation law, Cooper Grace Ward, Clinton Jackson, Re Gainer, legal personal representative, LPR, Sarah Camm

SMSF deeds using rules cut from super law should be avoided as they will force trustees into limited courses of action rather than providing flexibility for future changes.

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Death benefits, Documentation

Limit attorneys to prevent BDBN changes

Attorney, BDBN, EPOA, binding death benefit nomination, Cooper Grace Ward, Scott Hay-Bartlem, enduring power of attorney, authorisations, SMSF trust deed, conflict

An attorney with unchecked authority is able to alter BDBNs, but SMSF documentation can force them to act within limits chosen by the trustees.

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