News : Documentation

Documentation, Estate Planning

Plan for Armageddon outcomes in funds

Estate planning for SMSFs should consider the worst-possible outcomes and incorporate strategies and documents to address those scenarios.

Estate planning for SMSFs should consider the worst-possible outcomes and incorporate strategies and documents to address those scenarios.

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ATO, Auditing, Compliance, Documentation

ATO issues SAN misuse warning

The ATO has warned tax agents and trustees against misusing SMSF auditor numbers as the lodgement date for fund annual returns approaches.

The ATO has warned tax agents and trustees against misusing SMSF auditor numbers as the lodgement date for fund annual returns approaches.

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ATO, Documentation, SMSF

ATO targeting tardy funds, practitioners

SMSFs with a track record of lodging annual returns late will be targeted in the next financial year with a key area of focus being practitioners.

SMSFs with a track record of lodging annual returns late will be targeted in the next financial year with a key area of focus being practitioners.

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ATO, Compliance, Documentation

Release authority non-compliance increasing

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

The ATO has indicated a larger number of SMSFs are failing to act on release and commutation authorities issued to them.

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Documentation, SMSF

NowInfinity offering enhanced

Accountants, financial advisers and legal professionals using NowInfinity for their document and compliance needs will now have an improved service.

Accountants, financial advisers and legal professionals using NowInfinity for their document and compliance needs will now have an improved service.

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Documentation, Technology

Electronic signing not for all documents

While the majority of SMSF documents can be approved via applications such as Docusign, there is one important exception to this practice.

While the majority of SMSF documents can be approved via applications such as Docusign, there is one important exception to this practice.

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Auditing, Documentation

Revised auditor onus for declarations

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

Auditors now have new record-keeping obligations regarding the SMSF trustee declaration, with compliance in that area a current focus of the ATO.

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Division 296, Documentation, SMSF, Tax

Div 296 process appears to be clunky

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

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ATO, Auditing, Documentation

Auditors prompted over evidence

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

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Auditing, Documentation

ATO reminder on representation letters

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

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