News : SMSF

Regulation, SMSF

Central management and control test misunderstood

Central management and control test Katie Timms Two-year rule CMC

SMSF trustees travelling overseas are retrospectively applying the two-year rule to the central management and control test rather than correctly stating their intentions prior to departure.

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Documentation, SMSF

All new client docs need reviewing

SMSF documents

Practitioners need to sight and review all relevant SMSF documents and not just those that are easy to access when looking take on a new client.

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BDBNs, Estate Planning, SMSF

BDBN execution hinges on witness process

BDBN Binding death benefit nomination Executor Will In the matter of Gainer Associates Pty Ltd Estate planning

A recent NSW Supreme Court case has underscored the estate planning risks associated with not properly executing a binding death benefit nomination tied to an SMSF.

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ATO, fraud, SMSF

Pursue illegally accessed monies

SMSF Self-managed superannuation Bobbin Lawyers Peter Bobbin Illegal drawdown

Trustees should try to recover any illegally accessed money from an SMSF to lessen the severity of compliance breach penalties they may face.

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Compliance, Retirement, SMSF

Query reasons for trustee transactions

SMSF Self-managed superannuation Tim Miller SuperGuardian Smarter SMSF sole purpose test related party transaction

Questioning the motives of trustees will often reveal why they are undertaking a transaction and if it will pass the sole purpose test.

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SMSF, Tax

Timing crucial for CGT concessions

SMSF Self-managed superannuation Small business CGT concessions Accurium Mark Ellem

The timing of the administration procedures regarding the small business CGT concessions is critical for contributions made under these rules.

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Auditing, Compliance, SMSF

Routine work an audit independence risk

Auditor independence standards In-house audit APES 110 SMSF auditors

It remains highly unlikely in-house SMSF audits conducted by a firm that also provides routine non-audit services will not be a breach of auditor independence standards.

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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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ATO, Compliance, Property, SMSF

Dig deep for commercial valuation data

Commercial property Qualified valuer's report Valuations

While a qualified valuer’s report is preferred for commercial property valuations, trustees can use objective data from alternative sources if they choose not to obtain one.

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