News

Documentation

Lost trust deeds can erase fund outcomes

lost trust deeds

Losing a trust deed can cancel any intended outcomes for a trust and open trustees to claims they have not carried out their duties.

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Superannuation

EPOA not only overseas trustee fix

EPOA overseas trustee

Appointing an enduring power of attorney to satisfy legal obligations may not always be the best solution for SMSF trustees relocating overseas.

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LRBA

LRBA risks still not evident

LRBA lending

The move by major banks away from the LRBA lending space was a business decision unrelated to risk, which has rarely been an issue.

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ASIC

ASIC calls for feedback on ETP names

ASIC ETP feedback

ASIC believes the naming of exchange-traded products should be improved and has called for input on how that should be done.

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Auditing

More auditor interaction needed

auditor SMSF

Measures affecting SMSFs as a result of COVID-19 should encourage trustees to consult with their fund auditor more often.

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ATO

Insolvency law change affects corporate SMSFs

insolvency SMSFs

Changes to insolvency laws mean the disqualification of corporate trustees can now occur in cases where restructuring takes place.

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Regulation

Dixon Advisory enters voluntary administration

Dixon Advisory administration

Dixon Advisory and Superannuation Services has appointed voluntary administrators amid insolvency fears stemming from regulatory and legal action.

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ETFs

Avoid borrowing to invest in geared ETFs

borrowing geared ETF

Despite the popularity of ETFs, advisers should heavily recommend people do not borrow to invest in the geared version of those products.

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ATO

SuperStream glitches hard to fix

SuperStream problems

SuperStream rollovers containing errors with the required relevant details have presented a challenge to resolve for practitioners.

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ATO, Documentation

TBAR should include safe harbour provisions

TBAR safe harbour

The transfer balance account reporting system should contain a safe harbour for trustees forced to provide information based on incomplete data.

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