News

Trustee establishment age rises

July 12, 2023

The average age of Australians setting up an SMSF has increased along with the average superannuation balance of these new funds.

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NALI/NALE

NALE fix involves fair value proof

July 11, 2023

Jason Spits

The government’s draft bill to implement a NALE tax regime will force SMSFs to prove their expenses are at market value.

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BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

July 11, 2023

Todd Wills

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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ATO, Compliance, Superannuation

ATO issues scam alert

July 11, 2023

Jason Spits

The ATO has continued to warn SMSF members of schemes and promoters that target their funds to engage in activities that breach superannuation laws.

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Auditing, Compliance, SMSF

Disclaimers can reduce audit risk

July 10, 2023

Darin Tyson-Chan

SMSF auditors need to provide their clients with a disclaimer stipulating the aspects of the fund that have not been examined to lessen litigation risk.

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Compliance, NALI/NALE, Regulation, SMSF, SMSFA

Repeal NALE or fix related issues

July 10, 2023

Jason Spits

The SMSF Association has called on the government to repeal the NALE provisions or provide solutions to further problems they will create.

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Auditing, Compliance, SMSF

Auditors urged to seek updated valuations

July 10, 2023

Todd Wills

SMSF auditors must exercise caution in approving asset valuations and ensure they are up to date with the respective valuation year.

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Auditing

SMSF Auditors Association rebrands

July 10, 2023

Jason Spits

The SMSF Auditors Association of Australia has changed its name to provide support to and represent auditors outside the SMSF sector.

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Estate Planning, SMSF

Proper BDBN commitment required

July 6, 2023

Darin Tyson-Chan

An estate planning strategy can achieve the desired outcome if the trustees involved respect all aspects of the chosen course of action.

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NALI/NALE, Property

Undervalued trust units a NALI risk

July 6, 2023

Jason Spits

SMSFs purchasing low value stakes in interposed entities to develop property will need to prove they were at market value to avoid breaching NALI provisions.

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