News

LRBA, Property

LRBAs really only for property

LRBAs property

A panel of technical experts has declared limited recourse borrowing arrangements to be viable for the purchase of property only.

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Tax

TPB deregisters tax agent for SAN misuse

TPB agent SAN misuse

The TPB has terminated the registration of a fourth tax agent following its review of tax practitioners referred to the board by the ATO for SAN misuse.

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Education, FASEA

Historical CPD doesn’t meet current standards

Historical CPD

FASEA has told a parliamentary committee historical CPD often falls short of new standards, which is why it has not been approved by the authority.

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Documentation

BDBN references to law incorrect

BDBN superannuation law

SMSF trust deeds that rely on super laws to direct death benefits are incorrect as those laws only apply to retail and industry funds, an SMSF expert has warned.

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Auditing

New standards boost auditor role

new auditor standards

The restructured APES 110 Code of Ethics will help reinforce the important role auditors play in protecting trustees’ retirement savings, a major accounting body says.

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Documentation

Digital signatures still not ideal for deeds

Digital signatures SMSF deeds

Making permanent changes to federal laws to allow electronically signed digital trust deeds will only assist SMSFs when all the states implement similar changes.

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Superannuation

Impersonal super misses target

impersonal superannuation

Single-solution superannuation offerings prevent fund members from finding the best contribution and investment mix for their retirement goals.

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Superannuation

Indexation may drop TSB limits

TSB indexation

A technical specialist has predicted indexation measures likely to be applied to the concessional contributions cap could lower the total super balance limits determining the ability for individuals to make non-concessional contributions.

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ASIC

ASIC moves against unlicensed SMSF advice

unlicensed SMSF firms

ASIC has taken court action to prevent the provision of unlicensed SMSF advice, which it alleges has led to the loss of investor funds.

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Superannuation

Related party purchases must be clean

Related party purchases

Trustees must ensure any purchase from a related party is not a proxy for a loan or financial assistance to avoid breaching their obligations.

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