News : Regulation

Contributions, NALI/NALE, Regulation

Asset shortfall a NALI risk

NALI SMSF Asset transfers LCR 2021/2 Contributions market value

SMSF practitioners and trustees have been warned about the potential NALI risks involved when transferring assets into a fund.

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Property, Regulation, SMSF

Be wary of trust control trap

SMSF Property In-house assets Related-parties Unit trust Ownership

Scrutinising the structure and governance of a unit trust tied to a property development is critical to the success of an SMSF’s investment in the project.

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ATO, Auditing, Regulation

APES 110 angst for specific firms

APES 110 Auditor Independence Standards ATO SMSF Auditors

ATO reviews of SMSF auditors have recognised the specific type of practitioner likely to fall foul of the independence standards set out in APES 110.

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Administration, Regulation, SMSF

SMSFs can report GST annually

ATO GST SMSF Reporting

SMSFs can save time and administrative costs by electing to report their GST obligations annually, provided they meet a certain set of conditions.

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Death benefits, Regulation, Tax

Death benefit payment delay risky

Death benefit Payment Pension Lump sum ECPI

SMSF trustees have been urged to promptly distribute death benefits as doing so is believed to reduce the likelihood of unintended consequences.

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Auditing, Compliance, Investments, Regulation, Superannuation

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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Legislation, Regulation

Financial law reform desperately needed

Australian Law Reform Commission ALRC financial services legislation final report

Financial services and corporations legislation is overly complex and in dire need of reform with a government agency recommending widespread changes.

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Property, Regulation

Avoid in-house asset trap

SMSF Property development Non-geared unit trusts Related party In-house asset

SMSF trustees must meet a specific set of conditions to avoid falling into the trap of turning a non-geared unit trust into an in-house asset when investing in property.

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financial advice, Regulation

Adviser exam changes a positive step

ASIC Financial adviser exam Financial advisers

A proposal to streamline the financial adviser exam will help bring more advisers into the profession and provides a more objective measure of the abilities of new entrants.

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ATO, Regulation, SMSF

Diamonds not a personal asset

Pink diamonds personal use asset collectables ATO guidance

The ATO has provided guidance on the status of pink diamonds inside an SMSF and has noted trustees should give proper consideration to how they are insured and stored.

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