News : SMSF

financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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Accounting, Retirement, SMSF, Superannuation

End-of-year break time for super check-up

Super fund members should use the holiday break to check the status of their retirement savings and consider whether they needed to seek financial advice.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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Documentation, SMSF, Tax

Correct SAR values needed for accurate TSB

SMSF Self-managed super IFPA Institute of Financial Professionals Australia Natasha Panagis Annual return accumulation phase values retirement-phase values total super balance TSB

The correct reporting of a total super balance can be skewed heavily if accumulation and retirement-phase values are poorly reported in an SMSF annual return.

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Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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SMSF, Technology

The changing face of SMSFs

The character of the SMSF sector is changing, with a younger demographic driving establishments and the increasing use of technology.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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Death benefits, SMSF

SMSFs have greater financial abuse risk

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

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SMSF, Superannuation

Legacy pension exit changes approved

Legacy pensions, tax, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

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Compliance, SMSF

Some compliance breaches need direct action

In the event of a trustee compliance breach, practitioners may have no choice other than to address the problem head on with the fund auditor.

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