News

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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Superannuation

EPOA not only overseas trustee fix

EPOA overseas trustee

Appointing an enduring power of attorney to satisfy legal obligations may not always be the best solution for SMSF trustees relocating overseas.

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LRBA

LRBA risks still not evident

LRBA lending

The move by major banks away from the LRBA lending space was a business decision unrelated to risk, which has rarely been an issue.

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