News : Documentation

Documentation, Pensions, SMSF

Pension contracts can add legal assurance

Pension contract SMSF SIS Act

Using a pension contract to specify the rules for an income stream can offer greater legal certainty and administrative control to SMSF trustees.

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ATO, Compliance, Documentation, SMSF

Practitioners judged more harshly

ATO Tax agent Documentation Evidence SMSF

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them.

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ATO, Compliance, Documentation, SMSF

Record keeping reminder issued

SMSF trustees Record keeping Annual returns

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information provided to the ATO are.

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Cryptocurrency, Documentation, Investments, SMSF

Failed crypto investments a liability risk

Cryptocurrency Digital assets Investment strategy Trust deed SIS Act SMSF Liability Sole purpose test

SMSF practitioners should check if client funds are correctly holding digital assets as they may become liable for losses if the fund doesn’t permit investments in the asset class.

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Administration, Compliance, Documentation, SMSF

Old deeds can cause unwanted outcomes

SMSF Trust deed Update Review Death benefits LRBA

There are several triggering events that should necessitate an immediate review of an SMSF trust deed to avoid unintended consequences arising.

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Documentation, Trusts

Review of deed chain essential

SMSF trust deed deed chain changes Cooper Grace Ward Nathan Rutherford

Checking the history of changes to an SMSF trust deed and ensuring they are valid is crucial to planning for the potential death of a fund member.

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Compliance, Documentation

EPOA role is more than a proxy

SMSF trustee SMSF director EPOA enduring power of attorney The Auditors Institute Graeme Colley Superannuation Industry (Supervision) Act

The role of a person acting under an enduring power of attorney for an incapacitated trustee can be misunderstood, with many seeing them acting as a proxy, which runs counter to the law.

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Administration, BDBNs, Death benefits, Documentation

Case shows need for BDBN paper trail

SMSF BDBN Capacity Death benefit NSW Supreme court

The NSW Supreme Court has deemed a BDBN made on the day of an SMSF member’s death valid, despite a challenge in relation to the deceased’s capacity to execute the document.

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Compliance, Documentation, Property

Long-term record-keeping recommended

SMSF property development record keeping ATO NALI audit

Lengthy retention of records related to property development by an SMSF is recommended given the ATO’s increased focus on the past actions of some funds.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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