News : Management

Estate Planning, Management

Practitioners must beware of EPOA trap

An industry lawyer has warned practitioners should approach the task of being issued with an enduring power of attorney for a client’s SMSF with caution as the role may not provide any reward for the individual concerned.

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Accounting, Management

Online portals flagged as key SMSF gap

SMSF trustees who use accountants as their main source of advice have expressed a demand for online access that allows them to monitor their fund, which in turn will lift their satisfaction levels, new industry research has revealed.

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Management

Corporate trustee key for loss of capacity

Establishing a corporate trustee SMSF may be optimal in avoiding complexities in cases of loss of capacity of trustees, according to a lawyer.

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Compliance, Management

Parallels exist between SMSF, company residency

The ATO will consider the central management and control of an SMSF to be occurring in Australia if all high-level decisions are made in Australia regardless of where the fund’s directors live, according to a lawyer.

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Management

SMSFs parked in subpar savings accounts, TDs

A recent analysis of 37 savings accounts and 29 term deposits available to SMSFs has found the difference in unconditional savings interest rates offered by banks can be as high as 2.10 per cent, meaning SMSFs are losing out on thousands of dollars in interest savings every year.

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Accounting, Management

Estate planning flexibility needed for TBC

SMSF trustees run the risk of unnecessarily exiting money from the tax-effective superannuation environment as a result of rigid estate planning policies in the current transfer balance cap (TBC) environment, a specialist document provider has warned.

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