News

Documentation

E-signing protocols needed

Electronic signature protocols

The ATO has confirmed trustees will have to ensure proper protocols are followed when using electronic signatures to approve SMSF financial statements.

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Accounting, Financial Planning, Regulation

Licensing reform should span all SMSF advice

licensing reform SMSF advice

Any potential changes made in an effort to reform the licensing framework should apply to everyone in the SMSF advice space, not just accountants, an accountant licensing expert says.

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Regulation, Tax

Off-market transfer practices hold NALI trap

Off-market transfers

Trustees should not rely on old habits when processing off-market transfers as NALI rules will create new tax burdens.

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Education

New course to boost SMSF knowledge

Smarter SMSF course

A new education offering will provide advice practitioners with entry-level SMSF training carrying CPD credits recognised by major industry associations.

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Regulation, Superannuation

Status hit for member increases

SMSFs six members

SMSFs looking to expand to six members need to be aware the addition of new trustees will take the fund offline for as long as the ATO takes to vet the new additions.

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Accounting, Administration, Auditing

Admin services likely to win out

administration auditing

Two senior industry specialists have questioned the prudence of accounting firms retaining auditing services over providing administration and financial statement preparation for SMSFs

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Pensions

Some reversionary pensions may fail to revert

reversionary pensions

Circumstances where an adult child is nominated as the recipient of a reversionary pension could leave the intended beneficiary empty handed, a legal expert has said.

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ASIC

Former director charged with dishonest conduct

dishonest conduct SMSFs

A former company director has been charged with dishonest conduct relating to the mismanagement of clients’ SMSFs.

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Documentation, Superannuation

Expense duty will impact SMSFs

best financial interests

An understated budget change may require SMSF trustees to account for every dollar spent by their fund under an expansion of best interest duties.

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Auditing, Tax

Tax agent/auditor role unclear

Tax agent SMSF auditor

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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