News

Superannuation

COVID-19 to spur SMSF growth

SMSF growth

The coronavirus pandemic is likely to boost the number of SMSFs as people re-examine their financial affairs in the wake of the virus crisis.

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Financial Planning

Specialist advice needed more than ever

specialist SMSF advice

The SMSF Association has stated there has never been a more critical time for trustees to receive specialist SMSF financial advice.

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FASEA

FASEA code does not prevent action

FASEA code of ethics

Advisers should not regard the FASEA Code of Ethics as restricting behaviour, but instead as providing a framework around the actions that need to be taken.

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Auditing

Evidence of investment review key to audit

SMSF investment strategy

Auditors will look for evidence trustees have reviewed their SMSF investment strategy in light of the significant events of 2020, an audit expert says.

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LRBA

Property development with LRBAs tricky

property development LRBA

SMSFs looking to use an LRBA to develop property can do so, but only using a complex trust structure that requires arm’s-length arrangements.

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Auditing

ATO flags new auditor independence standards

auditor independence standards

Auditors must comply with a new guide’s standards to ensure SMSF auditor independence, the ATO says.

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Financial Planning

AMP advisers begin BOLR class action

AMP BOLR

AMP advisers have started an open class action against their licensee after the latter changed the terms of a buyer-of-last-resort arrangement.

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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ASIC

Court winds up unlicensed SMSF scheme

unlicensed SMSF scheme

Three former advisers and an unlicensed SMSF scheme have been barred from taking client funds by the Federal Court following an ASIC investigation.

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Infrastructure, Investments

Call for SMSF access to infrastructure assets

infrastructure assets

The establishment of liquid investment vehicles to house infrastructure assets would give SMSFs overdue access to this asset class, the SMSFA and FSC say.

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