News

ATO, Investments

Zero-value assets will raise red flag

zero value assets

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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Business News, Documentation

Fintech rolls out dynamic SOA tool

dynamic SOA

A new dynamic SOA tool will allow advice clients to interact with the document and engage with a humanised interface, while offering compliance protection for practitioners.

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Retirement

Covenant pointless for SMSFs

Retirement income covenant SMSFs

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.

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ATO, Superannuation

NALE questions remain over unit trust activity

NALE unit trust

The ATO’s finalised position on NALE does not provide enough clarity in regards to actions of a trustee when working with a unit trust inside an SMSF.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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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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