News

Wrap account reports not audit sufficient

November 13, 2024

Wrap account Investment platform provider ASA 402 A.26(c) Australian Auditing Standards SMSF Auditing

The year-end reports delivered by investment platform providers to SMSFs do not constitute acceptable audit evidence on their own.

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Administration, Regulation, SMSF

Check SMSF trustee constitutions for capacity gaps

SMSF constitution Capacity Director Corporate trustee SMSF self-managed superannuation DBA Lawyers Dan Butler

November 13, 2024

Todd Wills

The constitution of an SMSF should include an appropriate process for handling the possible incapacity of a director of the corporate trustee.

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Documentation, Pensions, SMSF

Sparse pension documents unsuitable

SMSF Self-managed superannuation Pension documents Tim Miller Smarter SMSF TR 2013/5 regulations

November 13, 2024

Jason Spits

Pension documents lacking specifics due to age or because they were automatically produced should be reviewed so they meet new standards set out by the ATO.

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ASIC, Compliance, Death benefits, Insurance

Cbus faces court over insurance delays

Cbus United Super Death benefit Total and permanent disability insurance ASIC Federal Court

November 13, 2024

Jason Spits

ASIC has begun court action against industry fund Cbus alleging long delays in the payment of insurance claims that impacted more than 10,000 members.

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Estate Planning, SMSF

Conflict protection on death essential

Will Conflict Power of attorney Self-benefit authority deed Executor SMSF Self-managed superannuation

November 12, 2024

Darin Tyson-Chan

Practitioners must put in place protections to deal with conflict when taking on certain roles when an SMSF member passes away.

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ATO, Pensions, Tax

Short pension terms raise red flags

ATO BDO Peter Crump SMSF Self managed superannuation Tax Ruling 2013/5 pension

November 12, 2024

Jason Spits

SMSF members should be wary of short-term pension strategies and adopt a multi-year approach to prevent the process being viewed as a tax avoidance measure.

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Administration, Compliance, NALI/NALE, SMSF

Stand-alone corporate trustee reduces risks

SMSF Self-managed superannuation Corporate trustee NALE Non-arm's-length expenditure Taxation Ruling 2010/1 Dan Butler DBA Lawyers

November 12, 2024

Todd Wills

Using a corporate trustee for multiple purposes could expose an SMSF to compliance risks, particularly given the uncertainty surrounding the treatment of NALE.

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Investments, SMSF

Integro unlocking private markets for SMSFs

Integro Private Wealth private markets SMSF Fund-of-funds Self-managed superannuation Tim Sullivan

November 12, 2024

Darin Tyson-Chan

A fund manager is providing SMSF members with additional avenues allowing them to access investment opportunities in global private markets.

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Investments, Legislation, Tax

Share volatility exposes Div 296 severity

Division 296 tax Total superannuation balance Equities SMSF Self-managed superannuation Unrealised capital gains

November 11, 2024

Darin Tyson-Chan

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations.

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Property, SMSF, Trusts

New rules diminish declarations of trust

SMSF Self-managed superannuation Declaration of trust Asset ownership Stamp duty ATO ASF Audits Shelley Banton

November 11, 2024

Jason Spits

The use of a declaration of trust to deal with the ownership of SMSF assets has been undermined by ATO guidance and legislative changes.

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