News : Documentation

Advice doesn’t negate strategy obligations

July 11, 2024

SIS Act SMSF Self-managed superannuation Investment strategy Mailene Wheeler Vincents

SMSF trustees receiving professional advice should be reminded action does not remove their obligation to create and execute an investment strategy for their fund.

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Documentation, Regulation, SMSF, Trusts

New trust reporting requirements for SMSFs

MTAS Modernisation of Trust Administration Systems SMSF Self-managed superannuation Trusts Capital gains SMSF Association ATO

July 10, 2024

Todd Wills

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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Auditing, Documentation, Regulation, SMSF

Auditors in court over poor records

SMSF auditors ATO ASIC Documentation Asset valuations

July 8, 2024

Todd Wills

Auditors are increasingly ending up in court for not properly documenting their reasons for approving asset valuations in the funds they audit.

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Accounting, Documentation, SMSF, Tax

Confusion over super tax reporting

Annual return SMSF Untaxed Tax-free Accounting

June 20, 2024

Todd Wills

Misunderstanding the difference between taxable and tax-free components of superannuation benefits is causing some accountants to file incorrect annual returns for their clients.

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Documentation, Pensions, SMSF

Pension contracts can add legal assurance

May 22, 2024

Todd Wills

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

May 15, 2024

Jason Spits

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

May 14, 2024

Jason Spits

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.

Failed crypto investments a liability risk

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

April 11, 2024

Todd Wills

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.