News : SMSF

Auditing, Compliance, SMSF

Routine work an audit independence risk

Auditor independence standards In-house audit APES 110 SMSF auditors

It remains highly unlikely in-house SMSF audits conducted by a firm that also provides routine non-audit services will not be a breach of auditor independence standards.

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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

While a qualified valuer’s report is preferred for commercial property valuations, trustees can use objective data from alternative sources if they choose not to obtain one.

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Compliance, Pensions, Regulation, SMSF

Pensions can predate document completion

Pension Confirmatory pension document Documentation Income stream

A superannuation income stream can start before the necessary paperwork for the pension is completed as long as a certain set of requirements are met.

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ASIC, Compliance, financial advice, SMSF

Adviser cops ban over conflicted advice

ASIC UGC SMSF Self-managed superannuation Joel James Hewish Ban Conflicted personal advice United Global Capital Pty Ltd

A Victorian adviser who managed a firm that encouraged clients to roll their retirement savings into SMSFs to invest in his own interests has been banned for 10 years.

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Investments, Regulation, SMSF

Sole purpose test is king

Sole purpose test In-house asset rules Related party 5 per cent rule SMSF Self-managed superannuation Knowledge Shop Jason Hurst

Satisfying the sole purpose test outweighs all other compliance considerations when trustees are contemplating an SMSF investment.

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Auditing, SMSF

Document long-standing audit relationships

SMSF auditors Independence Self-managed superannuation The Auditors Institute Steven Russo

Long-standing SMSF audit arrangements should be routinely examined to ensure they do not hamper a practitioner’s independence and documented to prove their suitability.

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Pensions, SMSF, Superannuation

Terminal illness withdrawal choice crucial

Terminal medical condition Pension Lump sum Heffron Sean Johnston

Choosing how to access superannuation entitlements is a crucial consideration for terminally ill SMSF trustees as it can greatly impact the tax they will have to pay.

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Investments, Property, SMSF

Key risk and return questions for private credit

Zagga Private credit Alan Greenstein Mortgage security

There are some critical elements relating to private credit investments that need to be known to ensure the expected return outcomes eventuate.

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