News

BDBNs, Compliance, Documentation, SMSF

Take proactive steps for lost documents

Lost SMSF documents

SMSF trustees and advisers should consider establishing a new SMSF in the event key operating documents can no longer be found.

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ATO, Compliance, Superannuation

ATO issues scam alert

Early superannuation release schemes

The ATO has continued to warn SMSF members of schemes and promoters that target their funds to engage in activities that breach superannuation laws.

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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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