News

LRBA

Loan relief extended for SMSFs with LRBAs

Loan relief SMSFs

The six-month loan relief period provided to SMSFs by related-party lenders in line with the Australian Banking Association’s commercial loan COVID-19 relief criteria has been extended by four months.

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Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

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Pensions

Pension reserve shifts still possible

Pension reserves SMSF account

Moving pension reserves into an SMSF member’s account is still possible as long as it is allocated correctly and the cost of switching is considered.

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Accounting, Auditing

New standards allay accountant fears

SMSF auditor standards

The new auditor independence standards will alleviate SMSF accountants’ fears of encroaching on fund auditors’ territory and ultimately result in a better level of service for trustees.

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ATO, Superannuation

SG amnesty impact can be eased

SG amnesty

Super guarantee amnesty payments do not necessarily have to be recognised in the financial year in which they are received, a technical manager has said.

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ASIC

Developer guilty of defrauding SMSF investors

property developer SMSF fraud

A former Queensland property developer has been found guilty of six counts of fraud involving amounts obtained from SMSF investors totalling $345,000.

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Education, FASEA

Few veterans required to complete eight units

advisers eight unit course

The number of veteran advisers required to complete a full course of study to comply with new standards is low compared to the total adviser pool, according to FASEA.

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Superannuation

YourSuper benchmarking measures detrimental

YourSuper benchmarking

The benchmark measures to be used in the YourSuper comparison tool announced as part this year’s federal budget superannuation reforms could be detrimental to long-term fund behaviour.

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Retirement, Superannuation

Fintech tool to overcome early release effect

fintech early release tool

The effect of early release of superannuation on retirement income balances can be mapped according to a fintech firm which claims a new tool can also show how to offset that impact.

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LRBA, Property

LRBAs really only for property

LRBAs property

A panel of technical experts has declared limited recourse borrowing arrangements to be viable for the purchase of property only.

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