News

ATO, Pensions

Minimum pension shortfall may trigger reporting dilemma

minimum pension shortfall

Trustees will more than likely face a reporting dilemma should they request the ATO to exercise its discretion to rectify a minimum pension shortfall.

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Auditing, Documentation

Asset valuation evidence must be more detailed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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Contributions, Superannuation

Downsizer contributions need written proof

proof downsizer contributions

SMSF members making downsizer contributions must prove they can do so and their fund can accept them to prevent problems when the fund is audited.

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Investments, Technology

Trading platform tailored for SMSFs

share trading SMSF

SMSF trustees can now access an online share trading platform with functionality specifically designed for their needs.

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LRBA

Intermediary LRBAs create TSB uncertainty

Intermediary LRBA TSB

The place of outstanding balances of intermediary LRBAs in regards to an SMSF’s total super balance remains unclear as the sector awaits further ATO input.

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Superannuation

Consistent trusts prevent contested pensions

trusts contested pensions

Detailed procedures in trust deeds and correct commencement documents could be vital in preventing contested pensions from an SMSF.

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FASEA

Pass rates prove FASEA exam fair

FASEA exam pass

FASEA has pointed to the high pass rate of its exam as it pushes back against claims it was unfair for some advice practitioners.

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Auditing

Audit pooling has practical risks

audit pooling

Inhibiting practical risks may result for audit firms entering into pooling arrangements in order to comply with the amended auditor independence standards.

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Financial Planning, Superannuation

Advice to overseas clients may be restricted

SMSF client overseas advice

SMSF clients living overseas may find they cannot receive advice from Australia or set up alternative structures to manage their interests despite recent changes announced in the budget.

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Documentation, Superannuation

Historical deed amendments need review

deeds amendments

New amendments to older trust deeds need to be carefully considered as previous conditions and changes may render future alterations void.

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