News : Documentation

Administration, Documentation

Asset specific corporate trustees optimal

SMSF corporate trustees

‘Asset specificity’ is the key advantage a purpose-built corporate trustee would have over a non-specific, existing company being appointed an SMSF corporate trustee, an SMSF legal expert has said.

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Documentation

SOA, investment strategy separate documents

SOA, investment strategy separate documents

A statement of advice should not be used as an SMSF investment strategy, regardless of the asset allocation information contained in it, according to an expert panel.

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Documentation, Estate Planning

Make death benefit nominations fund specific

Make death benefit nominations fund specific

The legal competency of fund members and the make-up of their SMSF must be taken into consideration by trustees when setting up binding death benefit nominations, an SMSF expert says.

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Documentation, Pensions

Estate planning conflict not always present

BDBN reversionary pension co-exist

A binding death benefit nomination and a reversionary pension can both exist within the same estate plan without the need for one to trump the other, a specialist document provider has said.

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ATO, Documentation

ATO issues annual return reporting reminder

SMSF reporting NALI LRBA

The ATO has reminded trustees of additional reporting requirements around NALI and LRBA that will be included in this year’s SMSF annual return.

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Documentation, Superannuation

Corporate trustee needs standalone company

SMSF corporate trustee

SMSFs looking to set-up a corporate trustee should use dedicated companies for the task as pre-existing vehicles may breach the law.

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Compliance, Documentation

Documentation leading cause of compliance failure

trustees documentation compliance

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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Documentation, Superannuation

Inflexible residency test should be dumped

SMSFs residency test

The residency test for SMSFs is easy to fail and offers no incentives for trustees to re-comply when they don’t pass it, the Tax Institute has claimed in a letter to Treasury.

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Documentation, Estate Planning

Adviser support key to managing member incapacity

member incapacity support

Member incapacity is likely to grow and advisers should find innovative ways to provide support to ensure the continued smooth running of SMSFs.

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Documentation, Property

Poor asset valuations not considering all factors

SMSF asset valuations

The source of asset valuations needs to be carefully considered with some providers overlooking key factors which may be later examined by the ATO.

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