News : Documentation

Documentation

Indexed TBC not relevant for all

TBC indexation calculations

SMSF practitioners should not believe the myth that every client’s TBC indexation needs to be calculated as the new figure will never be relevant for some of them.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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Documentation, NALI/NALE

Related-party leasing documents too vague

related-party lease

SMSFs with related-party leases must provide more details around the arrangements to demonstrate they are at arm’s length under the recently finalised NALE rules.

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Compliance, Documentation

Lodgement dates can shift reporting time frame

tax lodgement dates SMSF

The tax lodgement dates for unlisted shares or units in a private unit trust can throw out the reporting dates for an SMSF if left unchecked.

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Documentation, Regulation

Digital signature relief extended again

electronic documents relief

The government has announced an extension of the temporary COVID-19 relief measure allowing companies to use electronic communication for documents.

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Business News, Documentation

Fintech rolls out dynamic SOA tool

dynamic SOA

A new dynamic SOA tool will allow advice clients to interact with the document and engage with a humanised interface, while offering compliance protection for practitioners.

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Auditing, Documentation

Asset valuation evidence must be more detailed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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Documentation, Superannuation

Historical deed amendments need review

deeds amendments

New amendments to older trust deeds need to be carefully considered as previous conditions and changes may render future alterations void.

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Documentation

Addressing SMSF deed defects

SMSF deed deficiency
&

An SMSF deed is only as strong as the weakest variation that has been made but there are ways to repair a past deficiency.

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Documentation, Superannuation

E-document changes have other benefits

electronic documents SMSF

Changes to allow the signing of company documents electronically will bring in other measures that will benefit SMSF trustees and members.

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