News : Documentation

Documentation

Trustees must check all death benefit claims

Trustees death benefits

A trustee should check all claims to any death benefits even where they may have total discretion over the payments, an SMSF lawyer has advised.

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Documentation

Avoid legal advice, but document its request

accountants legal advice

Accountants should document any assistance they give to SMSF clients to avoid claims they provided legal advice, an SMSF legal expert has warned.

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Documentation

Deeds can be physically executed remotely

trustees deeds execute remotely

Trustees who remain separated can still execute physical deeds with wet-ink signatures under temporary relief measures.

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Documentation, Strategy

Joint ventures need proper structure

joint venture structure SMSF

A specialist legal firm has emphasised the need for joint venture arrangements involving an SMSF to be structured properly to avoid being caught by the in-house assets rule.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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Documentation

Backdating concerns may be unfounded

SMSF document backdating

Advisers may be too concerned about backdating and being in breach of the Financial Adviser Standards and Ethics Authority’s Code of Ethics, an SMSF technical expert says.

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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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