News

Compliance, Documentation

Lodgement dates can shift reporting time frame

tax lodgement dates SMSF

The tax lodgement dates for unlisted shares or units in a private unit trust can throw out the reporting dates for an SMSF if left unchecked.

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Estate Planning

SuperStream changes death benefit rollovers

Death benefit rollovers SuperStream

Death benefit rollovers will be treated differently under SuperStream from 1 October, depending on who the beneficiary is in the eyes of the ATO.

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ASIC, Property

ASIC moves to shut down property spruikers

ASIC SMSF property scheme

A Perth-based property investment group will face a second round of ASIC-initiated court action as the regulator seeks to end its activities.

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Documentation, Regulation

Digital signature relief extended again

electronic documents relief

The government has announced an extension of the temporary COVID-19 relief measure allowing companies to use electronic communication for documents.

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Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

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Accounting

Flawed LRBAs will create unfixable NALE taint

LRBA NALE

LRBAs started in non-arm’s-length circumstances will trigger NALE unless they are ended and restarted on new terms that comply with new ATO requirements.

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Superannuation

Review deeds, but change only when needed

SMSF deeds review

SMSF practitioners should be reviewing the deeds of their trustee clients while reminding them ongoing regulatory change does not always require an amendment to the document.

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NALI/NALE

Discount availability key to NALE

NALE discount

The NALE rules will only apply to SMSF administration service discounts that have been selectively applied to some staff within an organisation.

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ATO, Investments

Zero-value assets will raise red flag

zero value assets

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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