News

Regulation

Super praised for COVID-19 role

superannuation COVID-19

The federal opposition has acknowledged the critical role superannuation was able to play during the height of the COVD-19 pandemic.

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Retirement, Superannuation

QROPS reporting a wind-up issue

QROPS SMSFs

Specific circumstances must be taken into account when looking to wind up an SMSF with retirement savings balances transferred from the UK.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Education, FASEA

SAFAA welcomes adviser standards reset

SAFAA advisers standards

SAFAA has suggested alternative educational requirements for financial advisers after the government proposed resetting the standards.

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Documentation

E-signatures can prove liability

electronic signatures practitioners

The use of electronic signatures has the ability to create an audit trail that can increase the degree of professional risk practitioners face.

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Superannuation

Six members mainly topic of discussion

six-member SMSFs

Six-member SMSFs remain more of a topic of discussion than a superannuation vehicle for families.

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ASIC

Mayfair to appeal advertisement ruling

Mayfair appeal

Mayfair has filed a notice of appeal to overturn a court decision after claiming ASIC’s security report included errors.

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NALI/NALE

NALE detection hard for auditors

NALE SMSF auditor

Trustees and their advisers cannot automatically assume transactions involving NALE will be detected by an SMSF auditor.

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Accounting

Auditors to switch ATO inquiry services

ATO auditors inquiry

The ATO has closed an inquiry and reporting channel for SMSF auditors as it transitions to new, faster online services.

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Documentation

Lost trust deeds can erase fund outcomes

lost trust deeds

Losing a trust deed can cancel any intended outcomes for a trust and open trustees to claims they have not carried out their duties.

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