News

ATO, Auditing

Poor valuation evidence a concern

SMSF valuation evidence

The ATO is alarmed by the number of situations where SMSF auditors are not substantiating asset valuations with proper supporting evidence.

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Auditing, Death benefits

Track death benefit payment delays

Death benefit delays

SMSF trustees should record any reasons that may prevent a death benefit being paid out to avoid auditor or ATO scrutiny around the delay.

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Superannuation

Super objective shouldn’t dictate operations

Superannuation objective

The objective of superannuation should be limited to policy issues rather than the operation of the system.

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LRBA

LRBA offsets can create breach

LRBA offset

LRBAs with offset accounts may breach super laws if they create a charge over the fund with caution advised regarding non-bank loans.

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Pensions

Pension tax strategies impact TBC

pension tax TBC

Pension commutation strategies used to minimise tax in the accumulation phase may limit the level of indexation that applies to a personal TBC.

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ETFs, Investments

Global X launches corporate bond ETF

Global X Corporate bond ETF

Global X has launched a US Corporate Bond ETF in Australia, offering investors access to the world’s largest corporate bond market.

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Investments

Five new portfolios on OpenInvest platform

OpenInvest Spark Financial

OpenInvest has forged a new funds management relationship offering consumers access to a suite of five varied investment portfolios.

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SMSF, Superannuation

TSB used to level playing field

Treasury has admitted the use of the TSB to levy a proposed earnings tax was chosen to prevent people moving funds to sidestep the tax.

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ATO, Compliance

ATO gives trustees six months to comply

ATO SMSF rectification

SMSF trustees ordered by the ATO to rectify a contravention will have six months to do so before being hit with a significant administrative penalty.

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Trusts

Judgment has lost trust deed implications

lost deed
&

A recent appeal in family trust matter highlights the need for SMSFs to address gaps in their fund’s deed history before lawyers are involved.

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