News

Documentation

Lease agreement absence potentially disastrous

lease agreement SMSFs

The absence of a lease agreement for SMSFs renting property to a related party could have a disastrous impact on the fund’s compliance with superannuation laws.

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SuperStream

Simple SuperStream errors avoidable

SuperStream compliance errors

SMSFs are breaching SuperStream compliance rules for simple avoidable reasons stemming from a lack of understanding of the rollover process.

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Technology

New compliance platform released

SuperCentral compliance platform

Advisers and accountants have been provided with a new digital compliance platform, giving them access to a range of wealth management documents.

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Administration, SuperStream

Flagging SuperStream breaches vital

SuperStream breaches

SMSFs should document why outgoing rollovers may not be compliant with SuperStream rules to mitigate the possibility of penalties.

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Investments

Trustee expertise must fit under rules

trustee investment expertise

Trustees can use their own expertise to formulate an investment strategy, but still have to provide reasons for any large positions they may hold.

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Financial Planning

Advice review proposals in two weeks

Advice Review proposals

Some of the findings from the government’s Quality of Advice Review will be released before the final report, which is due in December.

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NALI/NALE

NALE now an industry-wide issue

NALE superannuation industry

Concerns about the NALE rules as they currently stand and the associated penalties are now being expressed by the entire superannuation industry.

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Appointments

SMSF Association CEO to move on

SMSF Association chief executive

SMSF Association chief executive John Maroney will step down in 2023, with his deputy set to succeed him.

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Documentation, Estate Planning

Special rules can protect ageing members

special rules SMSF

The increase in the wealth of some SMSF members may require special deed rules to protect their interests as they get older.

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Accounting

Hardship access is fund responsibility

hardship access superannuation

Super funds have been reminded they are responsible for deciding if a member can access funds early due to financial hardship, but the criteria is very limited.

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