News : Documentation

Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

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Administration, Documentation, Legislation

Paper deeds provide legal certainty

SMSF trust deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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Documentation, NALI/NALE, SMSF

Zero fees a NALE trap

SMSF fees zero NALE

SMSF practitioners bundling service fees into other costs paid by a trustee will raise questions as to what has been charged and may lead to the ATO viewing that charge as a NALE breach.

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Compliance, Documentation, NALI/NALE, Property

Evidence key to navigating NALI

SMSF property development NALI documents

SMSF auditors and their clients must furnish essential documents to demonstrate compliance with non-arm’s-length income and expenditure rules in property development projects.

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Administration, Documentation, Management, Regulation, SMSF

State laws complicate incapacity rules

SMSF incapacity

When preparing for the incapacity of an SMSF trustee, practitioners must be aware of the legislative requirements of each state and territory where the fund may hold assets or interests.

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Documentation, Superannuation

Notice failure will lock contribution status

superannuation contribution notice

A failure to properly lodge contribution notices will result in them being treated as non-concessional, with even the ATO restricted in making changes to their status.

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Documentation, Investments, SMSF

Segregated assets need well-defined rules

segregated assets SMSF

SMSF members can segregate investments within their fund, but without specific rules, returns, tax and death benefits may be allocated incorrectly.

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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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BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

Lost SMSF documents

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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