News

Legislation, NALI/NALE

Senate review approves NALE bill

Senate Economics Legislation Committee NALE NALI bill legislation

A seven member Senate committee has recommended new NALE provisions should pass parliament without any changes to the bill that will enact them.  

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Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

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Administration, Documentation, Legislation

Paper deeds provide legal certainty

SMSF trust deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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ETFs, Investments

Short-term cash ETF hits market

Betashares short term cash ETF

Betashares has expanded its suite of cash and fixed-income fund offerings with the introduction of an Australian cash ETF.

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Administration, Compliance, Contributions

Active member contributions broader

Active member test Contribution Rollover

Trustees and practitioners must be aware the definition of contribution for the purpose of the active member test is broader than in other circumstances.

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Auditing, Compliance, Insurance

Auditor PI should cover review action

SMSF auditors professional indemnity PI insurance ATO review Bryce Figot DBA Lawyers

SMSF auditors should check their PI insurance will fund a defence against an ATO review, as well as being sued by clients.

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AAT, Compliance, Legislation, Regulation

Past actions can bar trustee appointment

SMSF disqualified trustees Dishonest conduct SIS act

People who wish to become SMSF trustees must present a clean sheet of behaviour in regards to dishonest conduct as past actions can bar them from being appointed.

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NALI/NALE

NALE repeal rejection explained

Treasury NALE NALI repeal SIS Act joint bodies submission

Treasury has outlined some of the reasons it has rejected industry calls to repeal the NALE regime, noting it was best suited to address non-arm’s-length issues within SMSFs.

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ATO, Compliance

ATO can act on trustee impasse

Disqualified trustees ATO Acting trustee SIS act

SMSFs at an impasse due to no trustee willing to take action can ask the ATO to step in to appoint someone to manage the fund.

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Investments, LRBA

Check share holdings with LRBA

SMSF LRBA shares portfolio single acquirable asset

SMSFs using an LRBA to purchase shares should be certain they are considered a single asset to ensure the holdings don’t breach ATO loan rules.

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