News

Auditing

APES 110 has impacted slow audits

APES SMSF audits

The amended auditor independence standards contained in APES 110 have already impacted some SMSF audits that were unable to be completed before 1 July 2021.

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Residential Property

Working from home not business real property

SMSF business real property

Using personal real estate property to conduct a business during COVID-19 lockdowns will not transform it into business real property for SMSF purposes.

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Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Superannuation

Rare benefit release gains relevance

super condition release

A relatively obscure unrestricted superannuation condition of release for SMSFs may now become more relevant as a result of recent legislative changes.

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Superannuation

SMSF members highly satisfied with funds

SMSF satisfaction

SMSF members are highly satisfied with their choice of superannuation fund and the sector has topped satisfaction ratings across all types of funds.

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Strategy

Strategy review should dig deeper

SMSF investment strategy review

SMSF investment strategy reviews should look into issues beyond returns within a fund to ensure they are fully compliant with trustee obligations.

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Investments, Superannuation

Venture capital offers long-term returns

venture capital investment

Super funds should consider a longer-term venture capital investment as a way to avoid short-term equity market volatility.

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Documentation

Addressing SMSF deed defects

SMSF deed deficiency
&

An SMSF deed is only as strong as the weakest variation that has been made but there are ways to repair a past deficiency.

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ATO

SuperStream will be applied to certain release authorities

superstream release authorities

The release authorities that will be included in the SuperStream rollover system for SMSFs have been revealed by the ATO.

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Cryptocurrency, Superannuation

Ownership a cryptocurrency issue

SMSFs cryptocurrency

The SMSF asset ownership rules have the potential to result in compliance issues for funds looking to invest in cryptocurrency.

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