News : SMSF

Property, SMSF

Software property valuations limited

SMSF property valuations

The strength of SMSF property valuations generated by administrative software applications is dependent on when the procedure is performed.

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ATO, Compliance, Pensions, SMSF

Limited discretion for pension shortfall

Minimum pension

SMSF trustees have limited opportunities to seek ATO discretion when they fail to meet their minimum pension requirements.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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Compliance, SMSF

Small hint given on residency rules

SMSF residency rules

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

SMSF AI ChatGPT

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

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Administration, Compliance, Regulation, SMSF

Ruling clarifies SMSF director-executor pay

SMSF director executor

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

SMSF trustee establishment

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

Lost SMSF documents

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

Auditor disclaimer

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

NALE

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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