News : Documentation

Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

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Documentation

BDBN references to law incorrect

BDBN superannuation law

SMSF trust deeds that rely on super laws to direct death benefits are incorrect as those laws only apply to retail and industry funds, an SMSF expert has warned.

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Documentation

Digital signatures still not ideal for deeds

Digital signatures SMSF deeds

Making permanent changes to federal laws to allow electronically signed digital trust deeds will only assist SMSFs when all the states implement similar changes.

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Auditing, Documentation, Property

Evidence key to reporting property valuations

property valuations evidence

Funds must ensure they provide sufficient evidence to back up market valuations when reporting real property assets, an SMSF technical expert says.

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Compliance, Documentation

Asset values must still be reported

SMSF asset values report

SMSF trustees must continue to report asset values, but will not be penalised if unable to do so because of the COVID-19 pandemic.

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Documentation

Topdocs unveils compliance tool

Topdocs SMSF compliance documents

Topdocs has released a wide-ranging SMSF document suite aimed at providing constantly updated information for advisers and their trustee clients.

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ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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Administration, ATO, Documentation

ATO spells out supervisory levy requirements

SMSF supervisory levy

The ATO has moved to better explain some variations to the annual supervisory levy SMSF trustees are required to pay when they lodge the fund’s annual return.

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Auditing, Documentation

Data feeds not an auditor independence exception

data feeds auditor standards

Data feeds cannot be used as proof SMSF financial statements have been prepared by an accounting firm in a “routine and mechanical” way in the context of the new auditor independence standards.

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Documentation

Choice of document provider critical

SMSF document provider

Advisers could introduce compliance risk to their practices if they choose an SMSF document provider using cost as the main consideration, a specialist lawyer has said.

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