News

Pensions

ECPI calculation change gets royal assent

ECPI royal assent

SMSF trustees will be able to choose how they calculate exempt current pension income from 1 April after a new bill received royal assent.

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ATO

LRBA numbers remain stable

SMSFs LRBA

New ATO data shows the percentage of SMSFs holding an LRBA remained relatively stable in 2019/20 compared to 2018/19, while the level of assets held within them was unchanged.

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Auditing

Valuation awareness left to auditors

SMSF valuation auditors

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

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Investments

Portfolio diversity not legally required

SMSF portfolio diversity

The ATO has made the SMSF sector aware of the need for diversity in an investment portfolio, but this is not a legal obligation that must be met.

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Documentation, Strategy

Travelling trustees can’t override own EPOA

SMSF trustees overseas EPOA

SMSF trustees who are offshore can’t overrule their own legal representatives in Australia as the latter hold delegated power that can’t be pushed aside.

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ASIC

Strong case for new SMSF guidance

ASIC SMSF guidance

The SMSF Association believes two key pieces of research it has commissioned create a strong case for ASIC to review its consumer guidance for SMSFs.

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Compliance, Regulation

Director ID process still confusing many

director ID process

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

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ATO

Listed shares popular, but cash most common

listed shares SMSFs

Listed shares have been a popular investment allocation for SMSFs, but cash and term deposits appear in almost every fund.

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Superannuation

Delegation of duty meets control test

duties SMSF control test

SMSF trustees can delegate duties, instead of using an EPOA, to ensure the central management and control of their fund stays in Australia when they are overseas.

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ATO, Compliance

Grant discretion for early-release rectification

early release discretion

SMSFs should be given discretion by the ATO in the case of accidental early release if that mistake has been rectified immediately.

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