News

ASIC, Auditing

ASIC outlines four-year priorities

ASIC retirement retirement decision-making

ASIC has nominated retirement decision-making and the supervision of SMSF auditors as areas it will be giving priority to over the coming four years.

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Business News, Trusts

Equity Trustees to buy AET

Equity Trustees AET

Equity Trustees will acquire Australian Executor Trustees, with the combined operations to exit the SMSF space after the conclusion of the deal.

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Property, Tax

Asset sales need GST awareness

SMSF assets GST

SMSF trustees must be wary of the GST implications that can arise should they dispose of an asset such as property in a particular manner.

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SuperStream

SuperStream window needs education push

SuperStream education

Trustees need to be informed of the work required to complete a SuperStream rollover before it is requested to ensure it is completed on time.

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Retirement

Petrol drives up cost of living

retiree cost of living

Increases in the prices of petrol and health insurance were key drivers in a rise in the cost of living for retirees in the June quarter.

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SuperStream

More SuperStream issues arising

SuperStream transfers banks

Banking restrictions regarding electronic fund transfers are making it very difficult for SMSFs to use the SuperStream system to make member rollovers.

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ATO, Compliance

Disclosure must accompany action

SMSF Voluntary disclosure action

SMSFs making a voluntary disclosure regarding a breach should also have evidence of work undertaken to fix the problem and prevent more issues occurring.

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Property

Late-stage property timing mismatch

property sole purpose

Property purchases during the latter part of the life cycle of an SMSF may not meet the sole purpose test.

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Superannuation

SMSFs demonstrate their resilience

SMSFs market

SMSFs have demonstrated how well they have allowed members to manage the investment market turbulence experienced over the past year.

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LRBA

Total LRBA contract needs checking

LRBA contract

SMSFs seeking evidence a related-party LRBA interest rate is on commercial terms should also check the entire borrowing contract falls under the same standard.

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