News

Business News

BT appoints chief executive

BT chief executive

BT Financial Group has announced the appointment of a new chief executive, who is set to commence the role next month.

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Compliance

Trustees lagging on new duty

trustees financial interest duty

Trustees seem to have been slow in adopting measures to document how they are considering complying with the best financial interest duty.

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Investments, NALI/NALE

Limits needed for work on assets

trustee work assets limits

The absence of limits on work on an asset by an SMSF trustee is likely to create confusion around what will fall under non-arm’s-length expenditure provisions.

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Property

Reconsider valuations after property rezoning

property valuations rezoned

SMSF trustees that have rezoned business real properties may suffer from asset valuation issues and have been advised to accumulate market evidence.

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Auditing

Audit fee threshold rejected again

audit fees threshold

The proposal to introduce a hard limit on audit fees originating from one referral source has been opposed by the SMSF Association.

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NALI/NALE

Post-fact fixes will not prevent NALE hit

NALE asset value

SMSF members will not be able to recast undervalued assets in their fund as a member contribution and will face the full impact of NALE without documentation.

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Contributions

SMSF financials may create SuperStream hurdle

SMSF financial documents SuperStream

Contraventions could occur if trustees fail to adhere to the new SuperStream rollover rules and do not ensure their SMSF financial documents are up to date.

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Financial Planning

Reduction in planner numbers an opportunity

reduction financial advisers

A number of self-licensed practitioners are viewing the reduction in adviser numbers across the industry as a business growth opportunity.

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Superannuation

SuperStream omits cashless rollovers

SuperStream rollovers

Unlike cash superannuation rollovers, those involving in specie asset transfers do not have to be executed via the SuperStream system for SMSFs.

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Accounting, Auditing

ATO to ask for auditor independence proof

trustees auditor independence

SMSF auditors completing an in-house audit will need to prove their firm had no role in the oversight of the fund and trustees were solely responsible.

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