News

Succession Planning

Constitutions neglected in trustee succession

constitution trustee succession

Trustees of a corporate SMSF have been advised to consider succession planning via the fund’s constitution rather than relying on the law.

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ASIC

ASIC claims crypto lender was unlicensed

cryptocurrency lender unlicensed

ASIC has commenced legal action against a cryptocurrency lender it claims was operating without a credit licence.

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NALI/NALE

NALE resolution should not drag on

NALE resolution

A resolution to industry concerns around NALE has taken too long and raises questions as to the aims of the provisions.

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ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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Superannuation

Exiting hinders six-member SMSFs

SMSF six members

The process of exiting individuals from an SMSF is something trustees should consider before deciding to add members to a fund.

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Compliance, Regulation

Director ID must occur before appointment

director ID SMSF

Directors of a corporate SMSF must obtain their director identification number prior to being appointed, according to new rules introduced on Monday.

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ASIC

COVID advice relief measures to end

temporary relief ASIC

The COVID-19 temporary relief measures for financial advisers introduced by ASIC are scheduled to end on 15 April.

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Auditing, Investments

Investment strategy an audit risk

SMSF investment strategies auditors.

Monitoring and approving the SMSF investment strategy is continuing to cause angst and confusion among auditors servicing the sector.

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ATO

Trustee disclosures considered whistleblowing

SMSF ATO whistleblower

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.

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LRBA

Non-LRBA borrowings allowable

SMSF temporary borrowing

SMSF trustees are allowed to employ short-term borrowings in some specific circumstances to satisfy certain financial commitments of a fund.

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