News : SMSF

ATO, SMSF

Notice of intent must be acknowledged

Notices of Intent

The ATO has reminded trustees they must acknowledge any Notices of Intent received and update SMSF details promptly prior to the end of the financial year.

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Auditing, SMSF

Courts extending audit duties

SMSF auditors duties

Legal rulings are forcing SMSF auditors to cover off issues not included in their legislative, regulatory and professional obligations.

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financial advice, SMSF, Superannuation

SMSF advice a possibility from APRA fund

SMSF advice

Calls to allow APRA-regulated funds to provide advice may mean they also have to consider a member’s SMSF benefits in the circumstances of that advice.

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SMSF, Strategy

Exit strategy must include incapacity

Exit strategy incapacity

The inclusion of a plan to manage trustee incapacity as part of an SMSF exit strategy is arguably more important than addressing a member’s death.

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ATO, Compliance, SMSF

Loss no reason to ignore compliance order

financial loss ATO order

Financial loss will not be considered a key reason for an SMSF to avoid following a contravention rectification order issued by the ATO.

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Administration, Compliance, SMSF

Written orders key for wind-ups

SMSF wind-up instructions

Written fund member instructions regarding the treatment of assets in the event of an SMSF wind-up are imperative for advisers to mitigate their risk.

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SMSF, Superannuation, Tax

Super changes benefit unions, ALP

Superannuation changes unions

Proposed changes to super will benefit union-owned industry funds, which support the government introducing these measures, an SMSF industry veteran has claimed.

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ATO, Compliance, SMSF

Regulator reminds trustees of release process

ATO release reminder

The ATO has reminded trustees they are required to respond to requests from members to release funds and has detailed the processes it expects will be used.

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Pensions, SMSF

Legacy pensions a missed opportunity

Legacy pensions

Having no reference to the issue of legacy pensions in the 2023 federal budget has been labelled as a missed opportunity given other super measures.

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SMSF, Superannuation, Tax

Soft cap could mean loss of assets

$3 million superannuation tax

Scenarios illustrating the egregious nature of the proposed $3 million soft cap on the super balances of individuals are beginning to surface.

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