News

ASIC

Former Queensland adviser charged with fraud

SMSF adviser fraud

A former financial adviser has been charged with fraud, including the unauthorised withdrawal of over half a million dollars from SMSF clients’ bank accounts, following an ASIC investigation.

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Superannuation

Bad advice compensation not a contribution

compensation SMSF contribution

SMSF members expecting compensation related to bad advice can receive the payments without breaching contribution limits, but need to know which members will receive it.

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Investments

Risk statements critical for some derivatives

SMSFs derivatives

SMSFs with derivatives that give rise to a charge over the fund’s assets have to fulfil the additional compliance requirement of having a derivatives risk statement in place, an SMSF legal expert says.

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Pensions

Solvency issues for DB pensions

defined benefit pensions solvency

The negative impact COVID-19 has had on investment markets could result in solvency issues for SMSFs with complying defined benefit pensions, a leading actuary has said.

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Documentation

Choice of document provider critical

SMSF document provider

Advisers could introduce compliance risk to their practices if they choose an SMSF document provider using cost as the main consideration, a specialist lawyer has said.

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Pensions

Market-linked pension rollovers a trap

market-linked pension rollovers

Rolling over a market-linked pension from an SMSF can create hard-to-escape traps for members with low balances, as well as those with very high balances.

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Auditing

Evolv releases audit risk identification tool

evolv audit risk

SMSF audit software provider Evolv has unveiled a new tool that identifies areas of potential risk in an audit.

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ATO

ATO stats reflect TBC impact

ATO statistics transfer cap

The introduction of the transfer balance cap has had a significant impact on SMSF member behaviour as indicated by the latest ATO sector statistics, a technical expert has said.

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Documentation

Intention key to temporary trustee absence

trustee absence

The intention behind a trustee’s decision to temporarily relocate is essential to qualifying for the two-year safe harbour exemption, an SMSF legal expert says.

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Fixed Income

Trustees ignoring fixed income

fixed income SMSF

Trustees are failing to use fixed income investments for yield and are instead relying on equities despite recent market downturns.

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