News : Documentation

Documentation, Trusts

Relevance key factor in declarations

The retention of trustee declarations is not time-bound if they are still relevant to the activities of an SMSF and those who oversee it.

The retention of trustee declarations is not time-bound if they are still relevant to the activities of an SMSF and those who oversee it.

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Documentation, SMSF, Trusts

Alternate and successor plans different

The appointment of an alternate director to an SMSF corporate trustee cannot be relied upon as a future arrangement upon an incumbent’s death.

The appointment of an alternate director to an SMSF corporate trustee cannot be relied upon as a future arrangement upon an incumbent’s death.

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Documentation, Estate Planning

Trustee registration only needed once

There is no need to lodge additional notifications with regulatory bodies when an existing SMSF trustee also acts as an LPR upon a member’s death.

There is no need to lodge additional notifications with regulatory bodies when an existing SMSF trustee also acts as an LPR upon a member’s death.

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Documentation, Practice Management, Strategy

EPOA needed when SMSF set up

An enduring power of attorney should be put in place at the time an SMSF is set up to properly manage any trustee disability in the future.

An enduring power of attorney should be put in place at the time an SMSF is set up to properly manage any trustee disability in the future.

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Documentation, SMSF

Wind-up documents often forgotten

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

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Compliance, Documentation, Legislation, Pensions, Regulation

Pension documentation flexibility needed

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

Pension documentation should be drafted in the most flexible manner to allow trustees to manage their minimum pension obligations efficiently.

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Documentation, SMSF, Trusts

Add family members on conditional basis

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

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Auditing, Compliance, Documentation, Legislation, Regulation

Flag deed chain problems in audit

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

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Compliance, Documentation, Legislation, Regulation

Dentists receive super release guidance

The ADA has released new guidelines to remind dentists of their responsibilities if patients want to use super to pay for treatment.

The ADA has released new guidelines to remind dentists of their responsibilities if patients want to use super to pay for treatment.

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Compliance, Documentation, Strategy

Key-person risk hinders wind-ups

Key-person risk on several fronts has been acknowledged as a critical factor hampering the process of winding up an SMSF.

Key-person risk on several fronts has been acknowledged as a critical factor hampering the process of winding up an SMSF.

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