News

Auditing, Compliance, SMSF

Disclaimers can reduce audit risk

Auditor disclaimer

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

NALE

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

Audit valuations

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

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

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

trust NALI

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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Regulation, SMSF, Tax

Imputation system changes bad for SMSFs

Franking credits

The proposed changes to the franking credits regime could have a significant impact on trustees who rely on the credits to benefit from lower taxation rates offered by their SMSFs.

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ASIC, Compliance, financial advice

External information can lower risk

ASIC

Pointing clients to investment guidance provided by organisations such as ASIC is a good way to minimising the risk of an advisory practice.

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ATO, Property

Home purchase schemes a concern

ATO residential property scheme SMSF

Schemes promoting the use of an SMSF to purchase a residential home for use by fund members have been flagged by the ATO as likely breaching a number of superannuation laws.

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Contributions, Downsizer, SMSF, Strategy

Downsizer delay may be wiser

Downsizer contributions

Trustees should consider saving their ability to use the downsizer contribution and utilise their non-concessional contribution caps first, given recent rule changes.

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