News

Appointments

New vice chair for SMSF Association

vice chair SMSF Association

The SMSF Association has appointed Michael Houlihan as its new vice chair.

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ATO, Auditing

Latest ATO mail-out reveals more SAN misuse

ATO SAN misuse

The ATO has uncovered over 700 instances of SMSF auditor number misuse relating to SMSF annual returns for the 2019 financial year.

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Pensions

Death benefits don’t need cash

Death benefits cashing

The cashing of a death benefit can be executed using an in-specie transfer, a technical services manager has said.

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Documentation

Avoid blanket conflict clauses in EPOA

conflicts clauses EPOA

Blanket clauses in EPOAs overriding conflicts of interest relating to the making or extending of BDBNs are likely to be ineffective or, in some cases, high-risk.

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ASIC, Financial Planning

Protocol will enable five-year work check

adviser work check

A draft reference-checking protocol includes the ability for licensees to check five years of an adviser’s work and audit history before deciding to employ them.

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Superannuation

A six-member SMSF trap

six-member SMSF trap
&

When considering six-member SMSFs, the Senate Economics Legislation Committee has hinted at an important trap advisers must remember.

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Auditing

Trustees have SAN misuse duty

trustees san misuse

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.

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Administration, Documentation

Accountants reject new reporting deadline

SMSF statements deadline

The proposed new deadline by which SMSF financial statements must be prepared has been rejected by two major accounting bodies in a joint submission to Treasury.

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Education, FASEA

FASEA requirements driving adviser exits

FASEA adviser exits

FASEA’s education requirement is the most common reason for financial advisers to leave the industry for another career, recent data reveals.

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Documentation

Trustees must check all death benefit claims

Trustees death benefits

A trustee should check all claims to any death benefits even where they may have total discretion over the payments, an SMSF lawyer has advised.

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