News

ATO, Property

Rent records vital to ATO no-action position

Rent relief SMSF

Trustees must ensure any changes to property leases are well documented in order to be included in the ATO’s updated no-action position on COVID-19 rent relief provided by SMSF landlords, a legal expert says.

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Business News, Compliance

BT Panorama digital consent feature timely

BT digital consent

The recent launch of BT Panorama’s digital advice consent tool has been described as timely by one of the organisation’s senior strategy executives.

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Accounting, Insurance

PI concerns over relaxed advice

professional indemnity advice

Accountants need to check their professional indemnity insurance cover before providing advice under the relaxed compliance measures ASIC announced last week, according to a technical expert.

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ATO, Superannuation

Govt tips over 1.5m early access applications

early access super

The government expects over 1.5 million people to apply for early release of their super under its COVID-19 relief measure.

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ASIC, Auditing

ASIC disqualifies four SMSF auditors

ASIC disqualified SMSF auditors

ASIC has disqualified four SMSF auditors and suspended two more as part of ongoing action against SMSF auditor misconduct.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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Superannuation

SMSF satisfaction on the rise

SMSF satisfaction

Satisfaction among SMSF members increased in March despite significant falls in Australian equities, the latest research into the superannuation industry has shown.

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Compliance

Court reinforces trustee standards

SMSF trustee standards
&

The recent dismissal of an appeal brought by an SMSF trustee has highlighted the need for them to maintain high standards and act in good faith when executing their duties.

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ATO

PBRs may not be loan safety net

ATO private rulings NALI

ATO private binding rulings may not offer infinite protection from being caught by the non-arm’s-length income rules with regard to SMSFs with related-party loans, a specialist law firm has warned.

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Pensions

SMSFs must consider all super for ECPI

ECPI calculation super

SMSFs should be considering their total superannuation holdings when calculating exempt current pension income to avoid using the wrong method.

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