News : Documentation

Documentation

BDBN substitutes need same result

BDBN alternatives

Alternatives to a binding death benefit nomination must achieve the same outcomes for members if they are based on a trust bound agreement between trustees and members.

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Documentation

TBAR uniformity preferred

TBAR single framework

SMSF practitioners have indicated they have a preference for a single framework for transfer balance account reports to be introduced.

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ATO, Documentation

ATO calls for asset accuracy

SMSF asset valuations

The ATO has reminded SMSF trustees that asset valuations should be accurate and up to date in their fund’s annual report, pointing to earlier guidance on how it views market value.

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Compliance, Documentation

Director ID number applications open

SMSF trustee DIN

Registered directors of a corporate SMSF trustee can now apply for a director identification number, but time restrictions apply.

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Documentation, Pensions

Pension PDS caution required

pension PDS

Advisers should ensure they include a product disclosure statement in the pension information they issue to their clients.

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Documentation

E-signatures not applicable for all documents

electronic signatures SMSF documents

Despite government moves to allow the use of electronic signatures, their application in the SMSF space will still be fairly limited.

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Documentation, Superannuation

Consent to act requires all signatures

consent to act trustees

The consent to act is a critical SMSF document and must be signed by all people who are intending to take on the role of trustee for the fund.

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Business News, Documentation

Class adds DocuSign to product suite

Class Docusign

Class has launched its new digital signature feature in partnership with DocuSign to create a more rapid process for professionals and clients.

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Documentation

Scanned documents not acceptable

scanned SMSF documents

Superannuation law and other pieces of legislation do not allow the use of scanned copies of documents as an official record for a fund.

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Documentation

Email issues complicate e-approvals

trustees digital signatures

SMSF trustees may be limited in their use of any measures allowing the use of digital signatures to approve fund documents due to their email set-ups.

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