News : Documentation

Documentation, Superannuation

Refund of early withdrawal possible

self managed super, self managed superannuation, SMSF, withdrawal, condition of release, Accurium, Mark Ellem, refund, SMSF Professionals Day 2025, rectification, error

An accidental withdrawal from an SMSF bank account can be redeposited without consequence as long evidence can prove the transaction was an error.

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Documentation, Pensions

Deed key to stopping legacy pensions

self managed super, self managed superannuation, SMSF, SMSF trustees, legacy pensions, trust deed, commute, commutation, Smarter SMSF, Tim Miller, SuperGuardian, life expectancy pensions, amnesty

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

self managed super, self managed superannuation, SMSF, SMSF auditors, trustee declaration, 10 years, auditor contravention report, ACR, DBA Lawyers, Bryce Figot, ATO, The Auditors Institute

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

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, unit trust, SIS Regulation 13.22C, gearing, Accurium, Anthony Cullen, in-house asset rules, borrowings, SMSF Determination 2008/1

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

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, wind-up, Heffron, Annie Dawson, executor, director, corporate trustee, enduring power of attorney, EPOA, section 17A, SIS Act, Sean Johnston

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

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, SMSF annual return, amendments, Division 296 tax, Colonial First State, Craig Day, ATO, reporting, SMSF administrator

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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