News : SMSF

Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

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Investments, SMSF

Greater SMSF portfolio diversification needed

SMSF portfolio Diversification Fixed income

SMSF portfolios are heavily reliant on share investments, potentially exposing trustees to the adverse effects of volatility from market corrections.

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ASIC, SMSF

Property investment scheme wound up

United Global Capital ASIC SMSF Global Property Fund Limited

The Federal Court has ordered the winding-up of a property investment company linked to conflicted SMSF advice and has appointed liquidators.

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Auditing, Compliance, SMSF

Borderline issues require an ACR

ACR Auditor Contravention Report ATO ASIC SMSF Self managed super fund auditor

An Auditor Contravention Report should be lodged with the ATO in situations involving marginal compliance breaches to reduce practice management risk.

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Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

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Auditing, SMSF

Unsecured SMSF loans tricky

Unsecured loans Audit evidence Red Willow Super Marjon Muizer SMSF Self-managed superannuation

Obtaining evidence to prove the recoverability of unsecured loans can present a very difficult assignment for SMSF auditors.

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Auditing, Compliance, SMSF

SIS Reg 13.14 approach changed

Charge over assets Trustee representation letter SIS regulation 13.14 SMSF auditors DBA Lawyers Bryce Figot

The ATO has significantly adjusted its attitude toward the evidence auditors should obtain in determining whether a charge is held over an SMSF asset.

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Property, SMSF

Joint ventures risky in property projects

SMSF Self-managed superannuation joint venture property development Sladen Legal Phil Broderick

SMSF property development projects conducted through a joint venture require careful management to mitigate the risk of scrutiny from the ATO.

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ATO, SMSF

Younger members keep driving growth

ATO SMSF statistical report New funds establishment self-managed superannuation

Over 30,000 new SMSFs were established in the 2024 income year, with a record number created in the June quarter, largely driven by younger cohorts.

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SMSF, Technology

Tech will bolster SMSF servicing

SMSF Self-managed superannuation Auditors Technology ASF Audits Shelley Banton

The ongoing growth of the SMSF sector can be met by the relatively static pool of practitioners through the adoption and use of technology.

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