News

LRBA

Intermediary LRBAs create TSB uncertainty

Intermediary LRBA TSB

The place of outstanding balances of intermediary LRBAs in regards to an SMSF’s total super balance remains unclear as the sector awaits further ATO input.

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Superannuation

Consistent trusts prevent contested pensions

trusts contested pensions

Detailed procedures in trust deeds and correct commencement documents could be vital in preventing contested pensions from an SMSF.

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FASEA

Pass rates prove FASEA exam fair

FASEA exam pass

FASEA has pointed to the high pass rate of its exam as it pushes back against claims it was unfair for some advice practitioners.

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Auditing

Audit pooling has practical risks

audit pooling

Inhibiting practical risks may result for audit firms entering into pooling arrangements in order to comply with the amended auditor independence standards.

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Financial Planning, Superannuation

Advice to overseas clients may be restricted

SMSF client overseas advice

SMSF clients living overseas may find they cannot receive advice from Australia or set up alternative structures to manage their interests despite recent changes announced in the budget.

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Documentation, Superannuation

Historical deed amendments need review

deeds amendments

New amendments to older trust deeds need to be carefully considered as previous conditions and changes may render future alterations void.

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Auditing, Superannuation

ATO to allow auditors to save ACRs offline

ATO auditors ACRs

SMSF auditors will be able to save an electronic copy of any contravention report they lodge, creating their own historical record, as part of new ATO changes.

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Pensions

Reversionary pensions rethink valid

reversionary pensions

Advisers and trustees should reconsider whether or not to make a pension reversionary given the current parameters of the superannuation system.

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Pensions

Loose ends halt legacy pension amnesty

legacy pension amnesty

Government plans to commence an amnesty on the rollover of legacy pensions is being held back by loose ends only it can address.

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ASIC

ASIC cancels stagnant SMSF AFSL

ASIC cancelled licence

The licence of a Victorian-based SMSF financial adviser has been cancelled by ASIC after services to retail clients ceased.

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