News

Documentation

Secure all deeds to protect estate

SMSF trust deed Estate planning Accurium Anthony Cullen

Maintaining a complete history of SMSF deeds is essential to defend against potential estate challenges and ensure all legal amendments to the document are valid.

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Tax, TPB

PM called on to fix tax agent code

Chartered Accountants Australia and New Zealand CPA Australia Tax Agent Services (Code of Professional Conduct) Determination Stephen Jones Ainslie van Onselen Chris Freeland

A group of industry bodies representing tax agents has called on the Prime Minister to address changes to a new code of conduct in a move that bypasses the relevant minister ahead of a meeting later this week.

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financial advice, Financial Planning

Advice boosts value for clients

Financial advice Value of advice Russell Investments Neil Rogan Value of an Adviser Report

Financial advice added around 6 per cent more value to clients in the past year, with the key aspect being the professional direction and guidance advisers provide.

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NALI/NALE

NALI capital gain offsets need care

Non-arm’s length expenditure NALE non-arm’s length income NALI Capital gains SMSF Self-managed superannuation Accurium Mark Ellem

SMSFs must exercise great care when they are looking to offset a capital gain on a NALI-tainted asset with a capital loss.

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In-house assets

In-house asset breach not deferrable

SMSF auditors Self-managed superannuation In-house assets 5 per cent limit SIS Act Red Willow Super Marjon Muizer

Breaches of the in-house asset rules cannot be treated as an end-of-financial-year event, despite some auditors stating this is so, but have an impact on a fund the moment they take place.

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Auditing

Non-fund asset ownership complex

SMSF auditors SMSF trustees Asset ownership corporate trustee SIS Regulations ASF Audits Shelley Banton

Trustees opting to hold an asset for their SMSF will find the only allowable way to do so is to adopt a corporate structure and anything else will breach superannuation regulations.

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Trusts

SMSF TIS obligations more severe

Trust income schedule SMSF Self-managed superannuation Accurium Mark Ellem

The new requirement to complete a trust income schedule for trust and managed fund distributions is more imposing for SMSF trustees.

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ATO, Superannuation

Line between adviser and promoter thins

Illegal early release Illegal early access superannuation SMSF Association Mary Simmons PS LA 2021/1

The most recent update of Practice Statement Law Administration 2021/1 has broadened the ATO’s powers regarding illegal early release schemes.

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Compliance, Tax, TPB

Jones plans tax agent code meeting

Code of Professional Conduct Tax Practitioners Board TPB Stephen Jones IFPA Institute of Financial Professionals Australia Tax Agent Services (Code of Professional Conduct) Determination

The government has invited a group of industry bodies to air their concerns over changes to the tax agent code of conduct, with mandatory reporting being a key issue of concern.

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Accounting

Betashares completes Bendigo Super purchase

Betashares Bendigo Superannuation Acquisition Alex Vynokur

Betashares has completed the purchase of the superannuation operations of Bendigo and Adelaide Bank and plans to expand its service offering to members

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