News : SMSF

Administration, Auditing, Practice Management, SMSF, Superannuation, Technology

AI already improving audit process

Artificial intelligence tools are already noticeably improving the SMSF audit process for practitioners and clients alike.

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Pensions, SMSF, Strategy, SuperStream, Tax

Pensions should not be a tax dodge

Starting a pension in an SMSF to extract large amounts of money and in the process avoiding a CGT liability may be viewed as a misuse of the fund.

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Administration, Division 296, Documentation, Investments, SMSF, Strategy, Superannuation, Tax, Valuations

Div 296 to change compliance landscape

Compliance procedures applicable to SMSFs will be significantly impacted by the introduction of the proposed Division 296 tax.

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Auditing, financial advice, SMSF

Final Caddick settlement just okay

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Melissa Caddick, class action, auditors, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, SMSF audit

The final class action settlement for SMSF investors who fell victim to Melissa Caddick’s fraudulent actions has been seen as a passable outcome.

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Compliance, Documentation, Investments, SMSF

Strategy reviews require evidence

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, trustees, investment strategy, minute, BT, Bryan Ashenden, written resolution, SIS Regulations

While trustees may be used to documenting their fund’s investment strategy, any changes to it must also be formally recorded for compliance purposes.

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Compliance, Regulation, SMSF, Superannuation

Super gatekeeping needs reform

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, superannuation, platforms, ASIC, Joe Longo, Shield Master Fund, First Guardian Master Fund, regulations

The corporate regulator is worried bad actors, sometimes using SMSF structures, could undermine trust in Australia’s superannuation system.

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LRBA, SMSF, Strategy, Superannuation

Maintain LRBA single-asset treatment

Shares purchased under an LRBA should be treated as single asset regardless of what happens to them while they are held by an SMSF investor.

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financial advice, Financial Planning, SMSF, SMSFA, Technology

SMSF adviser AI take-up fairly low

Recent analysis with regard to the practice of SMSF advisers has shown the majority are not yet using AI to service clients.

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Compliance, LRBA, SMSF, Trusts

Avoid LRBA structure short cuts

A bare trust should be the first and only option in which to house an LRBA-purchased asset as lenders and lawyers will reject other structures.

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Compliance, Pensions, Regulation, SMSF, Superannuation

Failed pensions need minimums paid

Pensions linked to the breach of the payment standards cannot be commuted and restarted before this contravention has been rectified.

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