News

Trustees to determine access to benefits

June 23, 2021

An SMSF technical expert has advised trustees to be more involved in benefit payment strategies and not just rely on advisers to determine the required actions.

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Investments, Retirement

Retiree return goals mean greater risk

June 23, 2021

Darin Tyson-Chan

Individuals on the cusp of retirement may need to take on significantly higher risk levels if they are to meet the return goals they set for the years they are no longer gainfully employed.

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Investments

Collectables require expert advice

June 22, 2021

Jason Spits

SMSFs holding collectable assets should rely on third-party expert opinions as to their value and place in the fund strategy instead of those of the trustees.

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Contributions

Contribution transfers should be active now

June 22, 2021

Jason Spits

SMSFs using a clearing house to make end-of-year contributions should have taken action already to ensure the funds are processed by 30 June.

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Property

Multi-asset bare trusts risk asset liquidation

June 22, 2021

Tia Thomas

SMSFs run the risk of having a fully paid property liquidated if a bare trust servicing multiple assets under a limited recourse borrowing arrangement is being used.

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ATO, Superannuation

ATO introduces SMSF rollover alerts

June 22, 2021

Tia Thomas

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred.

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ATO

Super Fund Lookup error fixed

June 21, 2021

Darin Tyson-Chan

An anomaly in the ATO’s Super Fund Lookup service that resulted in a number of SMSFs losing their complying status in error has now been rectified.

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Auditing

Audit checklist a competence measure

June 21, 2021

Darin Tyson-Chan

An indicative measure for accounting firms as to whether the right SMSF auditor has been appointed is if the practice is provided with a client checklist.

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Regulation, Superannuation