News

Documentation

Deed must avoid stranded money

SMSF deed stranded money

The SMSF trust deed must contain particular clauses to ensure remaining monies in a single-member fund can be exited from the superannuation system.

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Property

Business real property use must be restricted

business real property use

SMSFs with business real property are not required to use every part of it as long as they can show it is not being used for any other purpose.

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Superannuation

Treasurer outlines govt super agenda

treasurer superannuation

Treasure Jim Chalmers has outlined key areas for change in the superannuation sector, but has appeared to contradict one of his colleagues with his comments.

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Investments

Foreign exchange conversions can add value

foreign exchange transactions

Financial advisers can save clients thousands of dollars in fees in the current low-return environment by using new technology to process foreign exchange transactions.

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Auditing

Auditors require specific documents

SMSF auditors documents

Auditors do not need to see every piece of documentation associated with SMSF strategies in order to conduct the yearly audit for a fund.

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Documentation

Self-made templates poor practice

smsf document templates

SMSF practitioners crafting their own fund documents should question if they are doing their clients and practice a disservice.

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ASIC, Financial Planning

FPA wants continuation of ASIC levy freeze

ASIC levy freeze

An urgent call has been made by the FPA for the freeze on the annual industry levy to be applied to the 2023 financial year.

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Cryptocurrency

Govt to create crypto-asset regulation map

crypto-asset regulation

The crypto-asset sector will be mapped to allow the government to regulate its operation and put in place consumer protections.

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ETFs

US Treasury bond ETF released

US Treasury bond ETF

Investors have been given exposure to the US Treasury bond market with the release of a new ETF from specialist manager BetaShares.

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Contributions

Legal act key technical reference

contribution compliance

Legislation recently passed implementing changes to the superannuation contribution rules emphasises where technical information should be sourced from.

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