News : Documentation

BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

Lost SMSF documents

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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ATO, Documentation

ATO disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

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Death benefits, Documentation

Gaming benefits may be tax exploitation

death benefits tax

Using undated documents to prevent a member benefit being paid as a death benefit may breach rules about promoting a tax exploitation scheme.

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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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