News : Documentation

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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Documentation, Pensions, Retirement

Trust deeds key to TRIS status in retirement

retirement phase TRIS

Trustees should pay close attention to their SMSF trust deeds to ensure members converting to retirement phase still benefit from TRIS regulations, an SMSF expert says.

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Documentation, Estate Planning

Trustee dispute underlines need for deed certainty

SMSF deed power of attorney

Trustees appointed under an enduring power of attorney (EPOA) will remain in the role unless the SMSF trust deed terminates their role, meaning they can direct death benefits to any party including themselves, an SMSF legal expert has warned. Hill Legal principal and senior lawyer Chris Hill gave the warning in the wake of the […]

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Administration, Documentation

EPOAs may save trustees future trouble

SMSF enduring power of attorney

Trustees who do not grant an enduring power of attorney while they have the capacity to do so may place their SMSF at risk of being non-compliant in the future, an SMSF expert says.

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Documentation

Court confirms ‘self-evident’ trustee appointments

court confirms trustee appointments

A recent court case has highlighted the key role an SMSF deed plays when trustees are appointed to a fund, with one expert labelling the case confirmation of a self-evident process.

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