News : SMSF

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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ATO, Compliance, SMSF

Sole purpose test misinterpreted

ATO SMSF Sole purpose test Property development

The application of the sole purpose test is often misunderstood when SMSFs become involved in a property development arrangement.

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SMSF

SMSFs record exceptional growth

New SMSFs Class Class Ignite 2024 Wind-ups Growth 2024 Annual Benchmark report

SMSF establishments over the 2024 financial year are predicted to hit around 30,000 new funds, with growth driven largely by younger members.

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Pensions, Retirement, SMSF

Trustees retiring earlier with more

Class SMSF TRIS Transition-to-retirement income streams APRA Pension

Research has found a much higher percentage of SMSF trustees are in pension phase and have larger member balances compared to those in APRA-regulated funds.

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Auditing, SMSF

Qualified audit isn’t non-compliance

ATO Audit Valuation Qualification

SMSF trustees may overestimate the consequences of a compliance breach related to asset valuations, but they are still required to make efforts to obtain sufficient evidence.

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ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

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