News : Documentation

Division 296, Documentation, SMSF, Tax

Div 296 process appears to be clunky

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

The necessity to obtain an actuarial certificate with regard to the allocation of earnings for Division 296 purposes currently seems to be unclear.

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ATO, Auditing, Documentation

Auditors prompted over evidence

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

Some SMSF auditors are still not providing adequate evidence in their reviews, prompting the ATO to issue a reminder to comply.

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Auditing, Documentation

ATO reminder on representation letters

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

The ATO has reminded SMSF auditors that audits need to include a signed and dated trustee representation letter.

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Accounting, Administration, Compliance, Documentation, Legislation, Regulation

Trust deed upgrades a fine line legally

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

Accountants must ensure they do not enter the realm of providing legal advice when engaging with their clients about upgrading an SMSF trust deed.

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Compliance, Documentation, LRBA, Regulation

LRBA document failures basic errors

Problems with limited recourse borrowing arrangement documents often stem from simple administrative errors that are easily avoidable.

Problems with limited recourse borrowing arrangement documents often stem from simple administrative errors that are easily avoidable.

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Documentation, Pensions

Standing request helps TBC management

A standing request regarding the treatment of withdrawals from pensions can provide a more efficient method to manage a member’s TBC.

A standing request regarding the treatment of withdrawals from pensions can provide a more efficient method to manage a member’s TBC.

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Documentation, Financial Advice, Pensions, Retirement, Superannuation

Retirement status must be genuine

Overlooking whether someone has properly met a definition of retirement is an ethical and legal issue practitioners could face and should resist.

Overlooking whether someone has properly met a definition of retirement is an ethical and legal issue practitioners could face and should resist.

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ASIC, Documentation, Trusts

ASIC docs insufficient to prove SMSF status

An ASIC registration will not prove a company is acting as a corporate trustee and auditors will require more detailed proof.

An ASIC registration will not prove a company is acting as a corporate trustee and auditors will require more detailed proof.

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ASIC, Documentation

Updated PDS guidance published

New regulator guidance has clarified a number of terms and non-complying consequences if mandatory PDS requirements are not met.

New regulator guidance has clarified a number of terms and non-complying consequences if mandatory PDS requirements are not met.

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ATO, Compliance, Documentation, SMSF

Non-lodgements driving ATO action

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

SMSF annual return non-lodgements remain high, with the ATO tracking all funds and acting on those that appear to have serious breaches.

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