News : SMSF

Small hint given on residency rules

July 17, 2023

The SMSF sector has been given an indication on the status of the changes to the superannuation residency rules via recent ATO action.

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SMSF, Technology

Caution needed in adopting AI tools

July 17, 2023

Jason Spits

SMSF practitioners should recognise the limits and dangers of using AI tools and vet the information provided before making use of them.

Ruling clarifies SMSF director-executor pay

July 12, 2023

Todd Wills

A recent court ruling has clarified whether an SMSF is legally required to compensate a director when they are appointed as both a director and executor of an SMSF.

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SMSF, Superannuation

Trustee establishment age rises

July 12, 2023

Darin Tyson-Chan

The average age of Australians setting up an SMSF has increased along with the average superannuation balance of these new funds.

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BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

July 11, 2023

Todd Wills

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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Auditing, Compliance, SMSF

Disclaimers can reduce audit risk

July 10, 2023

Darin Tyson-Chan

SMSF auditors need to provide their clients with a disclaimer stipulating the aspects of the fund that have not been examined to lessen litigation risk.

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Compliance, NALI/NALE, Regulation, SMSF, SMSFA

Repeal NALE or fix related issues

July 10, 2023

Jason Spits

The SMSF Association has called on the government to repeal the NALE provisions or provide solutions to further problems they will create.

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Auditing, Compliance, SMSF

Auditors urged to seek updated valuations

July 10, 2023

Todd Wills

SMSF auditors must exercise caution in approving asset valuations and ensure they are up to date with the respective valuation year.

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Estate Planning, SMSF

Proper BDBN commitment required

July 6, 2023

Darin Tyson-Chan

An estate planning strategy can achieve the desired outcome if the trustees involved respect all aspects of the chosen course of action.

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Regulation, SMSF, Tax

Imputation system changes bad for SMSFs

July 6, 2023

Todd Wills

The proposed changes to the franking credits regime could have a significant impact on trustees who rely on the credits to benefit from lower taxation rates offered by their SMSFs.

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