News

Pensions

Two-step process key for pension documents

SMSF Self-managed superannuation Pension commencement TR 2013/5 Smarter SMSF Tim Miller

The ATO’s focus on pension commencements means backdating them is risky and SMSF members should not have to do so if they adopt a two-step document process.

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Accounting, Investments

Concerns over accountant certificate penalties

SMSF Association Chartered Accountants Australia and New Zealand CPA Australia Institute of Public Accountants accountants' certificates wholesale investor test

A coalition of industry bodies has rejected a proposal for penalties on the negligent issuance of accountants’ certificates and reiterated its call for their removal altogether.

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Education, Tax

Tax Institute launches education platform

Tax Institute Tax Academy Murray Cassar Education Training

The Tax Institute has introduced a new online platform to help accountants and tax professionals enhance their skills and specialise further in their fields.

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Administration, Regulation, SMSF

Check SMSF trustee constitutions for capacity gaps

SMSF constitution Capacity Director Corporate trustee SMSF self-managed superannuation DBA Lawyers Dan Butler

The constitution of an SMSF should include an appropriate process for handling the possible incapacity of a director of the corporate trustee.

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Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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Estate Planning, SMSF

Conflict protection on death essential

Will Conflict Power of attorney Self-benefit authority deed Executor SMSF Self-managed superannuation

Practitioners must put in place protections to deal with conflict when taking on certain roles when an SMSF member passes away.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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Administration, Compliance, NALI/NALE, SMSF

Stand-alone corporate trustee reduces risks

SMSF Self-managed superannuation Corporate trustee NALE Non-arm's-length expenditure Taxation Ruling 2010/1 Dan Butler DBA Lawyers

Using a corporate trustee for multiple purposes could expose an SMSF to compliance risks, particularly given the uncertainty surrounding the treatment of NALE.

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