News : Documentation

ATO, Documentation

ATO flags SAR non-lodgement letters

ATO annual returns

The ATO will be sending letters to SMSF trustees with outstanding annual returns warning them a failure to lodge will carry penalties.

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Accounting, Documentation

Class acquires document provider

Class ReckonDocs

SMSF technology platform Class has acquired documentation service ReckonDocs as part of its ongoing transformation strategy.

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Documentation, Succession Planning

Care needed over LPR timing

LPR appointment timing

The length of time it takes to commence death benefit payments can impact the appointment of a legal personal representative.

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Documentation

Validity key in avoiding rent breaches

valid documents rent relief

As rent relief measures come to an end, SMSFs have been reminded that only formal legal documents can be accepted by an auditor and the ATO when assessing the income of the fund.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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Documentation, Technology

Keep processes tight using new technology

SMSF approval procedures technology

High standards regarding SMSF approval procedures need to be maintained despite the increased use of technology.

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Documentation, Superannuation

ATO ruling has hidden influence impact

SMSFs influence

The level of influence exerted by different parties within a 50/50 unit trust structure may come under greater examination following a recent ATO ruling.

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Documentation, Estate Planning

Trustee structure equal to BDBN in importance

trustee structure BDBN

In addition to ensuring they have a valid BDBN in place, members concerned about what will happen to their super upon their death need to consider who will be in control of their fund, an SMSF technical expert says.

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Documentation

Case law unsettled on BDBNs by attorneys

BDBN case law attorney

An ongoing set of legal cases in different states has yet to find common ground on whether an attorney can make a BDBN to direct super benefits on behalf of a SMSF member.

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Documentation, Investments

Liquidity will test trustee strategies

liquidity investment strategy

A failure by trustees to account for liquidity in an investment strategy may be tested by SMSF members hit by COVID-19 related losses.

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