News

Compliance, financial advice, Regulation, SMSF

Use tech services with caution

Financial advice technical services

SMSF advisers should use technical support services in moderation when offering advice on complex or technical matters outside their expertise.

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Auditing, SMSF

Auditors Institute expands membership

Auditors Institute membership

Following a rebrand, the body representing SMSF auditors has expanded its membership to include audit practitioners working outside the sector.

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Administration, Compliance, Regulation, SMSF

Deeds can force member exits

SMSF member exit deed

SMSF members can be forced out of a fund, but only in cases where deeds have been structured to include trigger events requiring their exit.

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BDBNs, Trusts

Death benefit protection imperative now

BDBN testamentary trust death benefit

The prevalence of legal claims against deceased estates is making death benefit measures such as BDBNs and testamentary trusts more critical for SMSF members.

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ASIC, Compliance, SMSF

ASIC sues Dixon Advisory director

ASIC Paul Ryan Dixon Advisory

ASIC has taken legal action against a company director for allegedly breaching his duties and failing to act in the interests of creditors during insolvency.

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Business News

Rabobank awarded for SMSF offerings

Rabobank SMSF accounts

Rabobank’s SMSF financial products have been honoured with multiple awards from a leading financial products comparison website.

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NALI/NALE, SMSFA

NALI can still taint all fund income

NALE general expenses

It is still possible for the entire income of an SMSF to be taxed at the NALI penalty rate under the NALE bill currently before parliament.

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Contributions, Tax

Breach danger in passing shares to SMSF

SMSF personal services income shares

SMSF members passing on shares given to them in place of payment for personal services are likely to have breached a number of laws and ATO advice should always be sought on such matters.

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Residential Property, SMSF

Airbnb rental is not a business

SMSF business AirBnB

Renting out an SMSF residential investment property using Airbnb does not qualify as a situation where the trustee is running a business.

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ASIC, SMSF

Director pleads guilty to dishonest conduct

Dishonest conduct

A former director who used SMSFs in relation to the misappropriation of over $500,000 of client funds has pleaded guilty to dishonest conduct.

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