News : Documentation

BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

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Documentation, SMSF

All new client docs need reviewing

SMSF documents

Practitioners need to sight and review all relevant SMSF documents and not just those that are easy to access when looking take on a new client.

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Documentation

Secure all deeds to protect estate

SMSF trust deed Estate planning Accurium Anthony Cullen

Maintaining a complete history of SMSF deeds is essential to defend against potential estate challenges and ensure all legal amendments to the document are valid.

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BDBNs, Death benefits, Documentation

BDBNs still contain basic error

binding death benefit nomination BDBN SMSF Self-managed superannuation View Legal Matthew Burgess SIS Act

Errors are still being made on SMSF binding death benefit nominations with regard to naming a legitimate recipient of the deceased member’s benefits.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

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Documentation, Estate Planning

Estate details must be accurate on statements

Member statements Estate planning SMSF Self-managed superannuation Accurium Anthony Cullen

SMSF practitioners have been advised to thoroughly review and substantiate estate planning details on their clients’ member statements to prevent potential legal issues.

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Auditing, Compliance, Documentation, Property, SMSF

Act now on property valuation data

Comparable sales data Property valuations Asset valuations SMSF Self-managed superannuation Auditor Tactical Super Deanne Firth

To comply with ATO guidelines and auditor requirements, SMSF practitioners should secure up-to-date sales data for property valuations as soon as possible.

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Compliance, Documentation, SMSF

Advice doesn’t negate strategy obligations

SIS Act SMSF Self-managed superannuation Investment strategy Mailene Wheeler Vincents

SMSF trustees receiving professional advice should be reminded action does not remove their obligation to create and execute an investment strategy for their fund.

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Documentation, Regulation, SMSF, Trusts

New trust reporting requirements for SMSFs

MTAS Modernisation of Trust Administration Systems SMSF Self-managed superannuation Trusts Capital gains SMSF Association ATO

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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Auditing, Documentation, Regulation, SMSF

Auditors in court over poor records

SMSF auditors ATO ASIC Documentation Asset valuations

Auditors are increasingly ending up in court for not properly documenting their reasons for approving asset valuations in the funds they audit.

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