News : Documentation

Documentation, Superannuation, Tax

Balance cap has bookkeeping impact

balance SMSF record keeping

SMSF record-keeping procedures should change to minimise the tax liability for members resulting from the proposed new $3 million balance cap.

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Documentation, financial advice

QAR does not remove need for advice documents

QAR advice documents

Financial advisers should be looking at what clients want from written advice if a recommendation to stop using statements of advice is adopted.

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Documentation, Retirement

Benefits based on current status

superannuation benefits

Only members’ current circumstances can be used to determine whether their super benefits are subject to the preservation rules.

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Documentation

SMSF establishments have a season

SMSF establishments

The latest SMSF research has revealed individuals make the commitment to establish their own super fund at a particular time during a given year.

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Compliance, Documentation, Trusts

Trustee company deregistration suboptimal

Corporate trustee deregistered.

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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Documentation, Downsizer

Late applications still open for director IDs

director ID extension

SMSF trustees who have not yet applied for a director ID have been encouraged to do so by requesting an extension of time from the ATO.

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Documentation

Use of digital signatures not simple

digital signatures SMSF

The use of electronic signatures to approve or execute SMSF documents is not straightforward, even though it is allowed under the Corporations Act.

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ATO, Documentation

ATO changes ABN registration process

ATO ABN registration

The ATO has changed the ABN registration process for SMSFs, requiring certain information to be provided through different channels.

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Compliance, Documentation

Assets without a market raise questions

SMSF assets market

The ATO has indicated assets without a ready market may not be suitable investments for SMSFs, particularly if they cannot produce growth or income.

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Documentation

COVID stresses record-keeping importance

SMSF record-keeping

Accurate record-keeping is paramount when looking to avoid compliance breaches when withdrawing benefits early from an SMSF in exceptional circumstances.

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