News : SMSF

Compliance, financial advice, Retirement, SMSF

Be clear on conflicted SMSF advice

SMSF conflict of interest related entity DBA AFCA

A recent case before AFCA has highlighted the need for SMSF advisers to keep clear records about investment advice particularly where conflicts of interest may be involved.

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Investments, SMSF

Female engagement underestimated

AUSIEX SMSF Female investors women investors Trade Brett Grant

Female SMSF investors are likely to be more engaged and active than currently perceived, with the role of advice key in expanding their behaviour.

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ATO, Compliance, SMSF

SMSF businesses draw SPT focus

SMSF business sole purpose test ATO Accurium Anthony Cullen

Running a business inside an SMSF will attract intense ATO scrutiny to ensure the action does not breach the sole purpose test.

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Auditing, Compliance, Regulation, SMSF

Review loans to avoid audit issues

SMSF auditors Loans Litigation SIS regulations Audit file

SMSF auditors must be prepared to substantiate their audit file with sufficient evidence in situations where an SMSF has invested in a loan.

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SMSF, Superannuation

SMSFs continue to lead in member satisfaction

Roy Morgan Superannuation Satisfaction Report SMSFs Performance

Research by Roy Morgan has found SMSFs continue to lead the superannuation sector for member satisfaction, with levels at a two-year high.

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Auditing, Legislation, SMSF

SMSF loans and debts not the same

SMSF Loan Debt Borrowing audit The Auditors Institute Chris Ketsakidis Ketsa Coleman

There is a difference between a loan and a debt within an SMSF and different rules apply to them, requiring good documentation at the time of audit.

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financial advice, Insurance, SMSF

New PI insurance offering launched

Professional Indemnity Insurance Adviser Ratings Numerisk Financial advisers

A ratings agency and an insurance and risk advisory firm have joined forces to introduce a new professional indemnity insurance product for financial advisers.

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ATO, Auditing, Compliance, SMSF

Confusion over access rules evident

SMSF Loans to members Auditor Contravention Reports ATO inancial assistance

The fact loans to members is the most common compliance breach appearing in auditor contravention reports shows trustees have a misunderstanding of the super rules.

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Compliance, Property, SMSF, Tax

Incorrect loan details a stamp duty trap

SMSF Loans Property Deposit Stamp duty

Electing to pay the deposit of an SMSF property loan using an individual’s name, rather than that of the fund, could attract a stamp duty liability when the asset is transferred.

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ASIC, Property, SMSF

SMSF firm received conflicted remuneration

SMSF Real estate conflicted remuneration RM Capital The SMSF Club ASIC Federal Court

A court has found a Queensland-based SMSF advice business received conflicted remuneration when advising clients to purchase property.

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