News

Cryptocurrency, Documentation, Investments, SMSF

Failed crypto investments a liability risk

Cryptocurrency Digital assets Investment strategy Trust deed SIS Act SMSF Liability Sole purpose test

SMSF practitioners should check if client funds are correctly holding digital assets as they may become liable for losses if the fund doesn’t permit investments in the asset class.

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Legislation, Regulation, Superannuation

Coalition recognises nature of super

Angus Taylor Superannuation policy Government SMSF

The shadow treasurer has outlined the approach a future coalition government will use with regard to superannuation policy.

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Auditing, Compliance, Property

Fraud risk with short-term rentals

Airbnb Audit Short-term rental Fraud SMSF Lease agreement Part A qualification Fraud risk statement

SMSFs holding property to be rented out on platforms such as Airbnb pose a particular type of compliance risk auditors must note.

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AAT, ATO, LRBA, SMSF

SMSF lending ruling not a model to adopt

SMSF AAT ATO Private lending NALI non-arm’s length income BPFN

The ATO has warned an Administrative Appeals Tribunal ruling regarding private lending in an SMSF should not be taken as a model to apply to other arrangements.

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ETFs, Investments

Global X unveils AI ETF

Global X Artificial intelligence ETF AI

Global X has added to its suite of technology-focused ETFs with a new fund targeting the growth of the artificial intelligence sector.

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ATO, Auditing, Compliance, Pensions

Beware of TRIS illegal access at audit

TRIS Illegal early access Pension ATO SMSF auditors

SMSF auditors have been warned trustees may be using a transition-to-retirement income stream to illegally access their superannuation entitlements.

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Superannuation, Tax

Watch Div 293 payment timing

Division 293 tax Release authority SuperStream SMSF Heffron Meg Heffron

SMSF members required to pay a Division 293 tax bill have been cautioned not to act too quickly and to follow the correct ATO process.

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ASIC, Investments

Mayfair director arrested for dishonest conduct

ASIC James Mawhinney Mayfair 101 IPO Wealth Fund dishonest conduct

Following a day of court action to strike out parts of an ASIC case against him, Mayfair 101 managing director James Mawhinney has been charged with dishonest conduct.

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