News

ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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Superannuation

Exiting hinders six-member SMSFs

SMSF six members

The process of exiting individuals from an SMSF is something trustees should consider before deciding to add members to a fund.

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Compliance, Regulation

Director ID must occur before appointment

director ID SMSF

Directors of a corporate SMSF must obtain their director identification number prior to being appointed, according to new rules introduced on Monday.

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ASIC

COVID advice relief measures to end

temporary relief ASIC

The COVID-19 temporary relief measures for financial advisers introduced by ASIC are scheduled to end on 15 April.

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Auditing, Investments

Investment strategy an audit risk

SMSF investment strategies auditors.

Monitoring and approving the SMSF investment strategy is continuing to cause angst and confusion among auditors servicing the sector.

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ATO

Trustee disclosures considered whistleblowing

SMSF ATO whistleblower

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.

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LRBA

Non-LRBA borrowings allowable

SMSF temporary borrowing

SMSF trustees are allowed to employ short-term borrowings in some specific circumstances to satisfy certain financial commitments of a fund.

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Documentation

Know location, content of trust deeds

SMSF trust deed location

The location and content of SMSF trusts should be known by trustees in order to resolve disputes if a document is lost or misplaced.

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ATO

ATO defends its statistics

ATO SMSF

The ATO has defended the efficacy of its quarterly SMSF statistics in light of recent criticism with regard to their use as a performance indicator.

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Business News

SISFA members agree to TSA merger

SISFA TSA merge

SISFA will merge with Tax and Super Australia after its members unanimously agreed to the move at a recent general meeting.

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