News : Documentation

Documentation

Two-share corporate trustee set-up flawed

Two shares corporate trustee

Trustees and advisers should consider issuing more than two shares in an SMSF corporate trustee to allow the fund to operate more efficiently.

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Compliance, Documentation

Govt launches director ID campaign

director ID campaign

The government will run an awareness campaign to ensure company directors have applied for a director ID number before the end of next month.

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Documentation

Print amended deeds regardless of length

amended SMSF deeds

The production of deeds should be no respecter of paper, with an SMSF legal expert urging the use of new paper deeds for every update and change.

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Compliance, Documentation, Regulation

More timely SMSF data likely

SMSF data

SMSF data reporting will need to be more timely and accurate to enable governments to make better superannuation policy in the future.

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Documentation

New vesting/wind-up package released

SMSF vesting wind-up

A new package to assist advisers in the vesting or wind-up of an SMSF, discretionary trust or unit trust has been made available to the market.

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Compliance, Documentation

Related-party purchases misread

related party in-house asset

Many SMSF trustees may be exposing their fund to compliance issues through misunderstanding the related-party acquisition rules.

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Compliance, Documentation

Statement of intent can cause issues

SMSF statement of intent

Advisers should be wary that simple SMSF asset purchases can lead to compliance breaches if clients communicate their motivation for the transaction.

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Documentation

SMSFA issues call to action on director IDs

SMSF Association director ID

The SMSF Association has called on its members to remind their clients to apply for a director ID number and has provided guidance on the steps to make that happen.

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Compliance, Documentation

Director ID awareness a worry

director ID SMSF

Director ID awareness among individuals who are directors of companies acting as corporate SMSF trustees is a matter of concern for the SMSF Association.

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Documentation

AAT case proves value of good records

AAT SMSF records

The value of good record-keeping by SMSF advisers and trustees has been proven by a recent Administrative Appeals Tribunal appeal.

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