News : SMSF

ASIC, Auditing, SMSF

ASIC deregisters more auditors

SMSF auditors registration

ASIC has cancelled the registration of nearly 30 SMSF auditors for failing to lodge annual statements, pushing the number of cancellations past 400 for this year.

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Administration, ATO, SMSF

Don’t cancel ABN in wind-up process

SMSF wind-up ABN

SMSF practitioners and trustees should not cancel a fund’s ABN during a wind-up process as the wrong timing of this action will freeze the procedure.

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Administration, ATO, SMSF

Zero balance not needed in wind-up

SMSF zero balance

SMSFs do not have to reduce their balance sheet to zero during a fund wind-up and doing so may result in having to estimate a future tax payment.

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SMSF, Strategy, Tax

Reserving still an effective strategy

Contribution reserving

Holding superannuation contributions in an SMSF until the next financial year through contribution reserving remains a beneficial strategy for tax planning.

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Administration, Financial Planning, SMSF

Incapacity measure misunderstood

SMSF and incapacity

An ordinary power of attorney will not provide a proper solution for an SMSF when a member suffers from mental incapacity.

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Investments, Regulation, SMSF

Investor test needs review

SMSF investor test

There is a lack of clarity surrounding the classification of SMSF trustees as wholesale or retail clients when they choose to seek financial advice, prompting calls for further evaluation.

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financial advice, Regulation, SMSF

SMSFs ‘misfits’ under Corporations Act

SMSFs and Corporations Act

A statutory body has highlighted the challenges in classifying SMSFs under the Corporations Act, leading to uncertainties about advice, licensing and client classification.

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Administration, ATO, Contributions, SMSF

Rounding a contribution trap

contributions rounding

The application of rounding when reporting contributions can inadvertently lead to very tough compliance penalties for SMSF trustees.

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Administration, SMSF, Technology

Members to drive real-time data shift

Real time SMSF information

Member demand will be the most significant factor in speeding up the provision of real-time member information in the SMSF sector.

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Administration, Auditing, NALI/NALE, SMSF

NALE rules an extra audit burden

NALE auditors

The proposed NALE rules for general expenses to be implemented from 1 July 2023 onwards will broaden the scope of the SMSF audit.

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