News : Documentation

Documentation, Investments

Investment strategy reform not suitable

The SMSF Association has questioned how appropriate it is to expect individuals to provide a written investment strategy at fund establishment.

The SMSF Association has questioned how appropriate it is to expect individuals to provide a written investment strategy at fund establishment.

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ATO, Compliance, Documentation

Court move ramps up lodgement action

ATO court action against a trustee for late lodgements has shown the importance of heeding the regulator’s compliance and deadline warnings.

ATO court action against a trustee for late lodgements has shown the importance of heeding the regulator’s compliance and deadline warnings.

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Documentation, Superannuation

Accurate data critical with hundreds of TBCs

The blowout in the number of personal transfer balance caps reinforces the need to secure accurate Mygov data from super clients each year.

The blowout in the number of personal transfer balance caps reinforces the need to secure accurate Mygov data from super clients each year.

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Documentation, Pensions, Software, Technology

Release authority payment software snag

The administrative software an SMSF is using may complicate the process of paying a release authority amount from a pension account.

The administrative software an SMSF is using may complicate the process of paying a release authority amount from a pension account.

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Auditing, Compliance, Documentation

Unsigned documents a trustee breach

Trustees failing to sign fund documents, even in the event of a dispute, will still be in breach of their obligations.

Trustees failing to sign fund documents, even in the event of a dispute, will still be in breach of their obligations.

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Documentation, Technology

Unique situations need specific records

Trustees using a specific approach to income allocation among members are unlikely to be able to rely on generic documentation to record the action.

Trustees using a specific approach to income allocation among members are unlikely to be able to rely on generic documentation to record the action.

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ATO, Contributions, Documentation, SMSF

ATO affirms establishment cost claim rules

The ATO has affirmed trustees can pay for SMSF set-up costs, but has noted the limits as to when that will be viewed as a member contribution.

The ATO has affirmed trustees can pay for SMSF set-up costs, but has noted the limits as to when that will be viewed as a member contribution.

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Division 296, Documentation, Superannuation, Tax

Div 296 reporting poses a dilemma

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

The obligations to report Division 296 earnings on the SMSF annual return are likely to present a quandary for trustees now and in the future.

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Documentation, LRBA

Grandfathered LRBAs hinge on contract

Residential property purchases via an LRBA may not be grandfathered if the financing terms in a signed contract are incorrect.

Residential property purchases via an LRBA may not be grandfathered if the financing terms in a signed contract are incorrect.

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Documentation, LRBA

Loan statements not proof of title

Auditors cannot rely on bank loan statements alone when looking to establish whether an asset purchased using an LRBA is recorded in the correct name.

Auditors cannot rely on bank loan statements alone when looking to establish whether an asset purchased using an LRBA is recorded in the correct name.

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