News

Superannuation

In specie benefits can be redirected

SMSF in specie benefit

An SMSF can redirect an in specie benefit payment to anyone chosen by a member, but this may not sidestep stamp duty or sole purpose test considerations.

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Accounting

Millennials turning to SMSFs

SMSFs millenials

SMSFs are becoming increasingly attractive to younger Australians, who are also active traders, according to trading platform AUSIEX.

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NALI/NALE

NALE identification an issue

NALE identification SMSF

Identifying and acting upon NALE issues may not be straightforward and the assumption cannot be made the SMSF audit will be the solution.

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ATO, Compliance

Trustees can prevent dishonesty disqualification

SMSF trustees disqualification

SMSF trustees facing disqualification for dishonest conduct may be able to avoid that fate, but need to move quickly to prevent it taking place.

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Auditing, Investments

Home gold storage legal, but ill-advised

SMSF gold

SMSF trustees can store investment gold in their own home, but auditors are questioning the existence of the asset and wisdom behind that plan.

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ETFs

New ETF offers private equity exposure

ETF VanEck private equity

VanEck has announced its global private equity ETF, the first of its kind in Australia, will be released to the market shortly.

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Estate Planning

Periodic BDBN updates prudent

BDBN SMSF

It is a prudent for advisers and their SMSF clients to periodically update any binding death benefit nominations they may have in place.

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Auditing, NALI/NALE

Auditors considering NALE protections

SMSF auditors NALE protections

SMSF auditors may seek greater declarations from trustees regarding non-arm’s-length expenditure to prevent litigation in the future.

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ATO, Business News

Advisers in line of defence against scams

SMSF advisers scams

SMSF specialist advisers can play a key role in helping trustees and self-directed investors defend themselves against investments scams which exceeded $325 million in lost funds last year.

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ASIC

ASIC outlines ROA usage

ASIC record advice usage

Advisers have been given directions for when and how they can use a record of advice as part of ASIC’s effort to reduce the cost of advice.

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