News : Superannuation

Retirement, Superannuation

Covenant common sense encouraged

retirement covenant

The SMSF Association has called on the government to use a sensible approach to the implementation of the proposed retirement income covenant.

read more
Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

read more
Superannuation

Review deeds, but change only when needed

SMSF deeds review

SMSF practitioners should be reviewing the deeds of their trustee clients while reminding them ongoing regulatory change does not always require an amendment to the document.

read more
ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

read more
ATO, Superannuation

NALE questions remain over unit trust activity

NALE unit trust

The ATO’s finalised position on NALE does not provide enough clarity in regards to actions of a trustee when working with a unit trust inside an SMSF.

read more
Contributions, Superannuation

Downsizer contributions need written proof

proof downsizer contributions

SMSF members making downsizer contributions must prove they can do so and their fund can accept them to prevent problems when the fund is audited.

read more
Superannuation

Consistent trusts prevent contested pensions

trusts contested pensions

Detailed procedures in trust deeds and correct commencement documents could be vital in preventing contested pensions from an SMSF.

read more
Financial Planning, Superannuation

Advice to overseas clients may be restricted

SMSF client overseas advice

SMSF clients living overseas may find they cannot receive advice from Australia or set up alternative structures to manage their interests despite recent changes announced in the budget.

read more
Documentation, Superannuation

Historical deed amendments need review

deeds amendments

New amendments to older trust deeds need to be carefully considered as previous conditions and changes may render future alterations void.

read more
Auditing, Superannuation

ATO to allow auditors to save ACRs offline

ATO auditors ACRs

SMSF auditors will be able to save an electronic copy of any contravention report they lodge, creating their own historical record, as part of new ATO changes.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.