News : SMSF

Residential Property, SMSF

Care needed with online valuations

Residential property valuations

A degree of caution should be exercised when using online services to determine the value of a residential property owned by an SMSF.

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ASIC, SMSF

Ex-adviser jailed for six years

SMSF fraud

A former Sunshine Coast financial adviser has been sentenced to six years’ jail for fraud after withdrawing funds from his SMSF clients’ accounts for personal use.

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Regulation, SMSF

Knowledge of SIS sections critical

SIS act

Knowing the specific differences between parts of the SIS Act that may seem the same is critical to allow advisers to find optimal client solutions.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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SMSF, SMSFA, Superannuation

Soft cap discriminatory to SMSFs

Soft cap

The government has been accused of showing bias against SMSFs in its proposal to implement a $3 million soft cap on superannuation members.

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Administration, SMSF, Strategy

Question capability before strategy

Investment strategy

SMSF advisers focused on creating an investment strategy for clients should perhaps firstly consider if an SMSF is even suitable for them.

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Auditing, Investments, SMSF, Strategy

Poor investment strategies qualified

Investment strategy

The employment of a generic SMSF investment strategy has provided sufficient grounds for a qualified audit report for a prominent practitioner.

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Accounting, Administration, SMSF

Class improves its market presence

SMSF software provider

Class has recorded a jump in the number of clients using its suite of products for the 12-month period to the end of March 2023.

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Auditing, SMSF, Superannuation, Tax

Alternative soft cap method mooted

Net taxable investment earnings

The SMSF Auditors Association of Australia has suggested a different calculation process be used for the proposed tax on super balances over $3 million.

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SMSF, Superannuation, Tax

New tax threshold needs review

$3 million threshold.

The consultation process regarding the proposed $3 million soft cap on the superannuation balances of individuals is overlooking a key element.

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