News : SMSF

SMSF, Technology

Specialists favouring technology

SMSF specialists Technology

SMSF specialists have differentiated their practice activities in three key areas over the past year with respect to servicing their clients.

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Compliance, Property, SMSF

SMSF in administration can sell property

Re Absolute Vision Technologies SMSF Property Administration Sladen Legal Terence Wong Self-managed superannuation

The NSW Supreme Court has ruled a former SMSF trustee can sell a property while in administration on the provision the fund’s existing members consent to the sale.

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Investments, SMSF

Foreign property not ideal for SMSFs

Overseas property Investment SMSF Self-managed superannuation fund Audit Charge over property Risk

SMSF trustees looking to invest in overseas property may face external risks that are hard to manage and foreign laws that may conflict with Australian regulations.

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Investments, Property, SMSF

New NDIS offering aids better outcomes

NDIS National Disability Insurance Scheme SMSF Investment Housing

SMSF members can receive solid returns and address some housing issues by investing in certain accommodation associated with the NDIS.

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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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