News

Auditing

Evidence of investment review key to audit

SMSF investment strategy

Auditors will look for evidence trustees have reviewed their SMSF investment strategy in light of the significant events of 2020, an audit expert says.

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LRBA

Property development with LRBAs tricky

property development LRBA

SMSFs looking to use an LRBA to develop property can do so, but only using a complex trust structure that requires arm’s-length arrangements.

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Auditing

ATO flags new auditor independence standards

auditor independence standards

Auditors must comply with a new guide’s standards to ensure SMSF auditor independence, the ATO says.

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Financial Planning

AMP advisers begin BOLR class action

AMP BOLR

AMP advisers have started an open class action against their licensee after the latter changed the terms of a buyer-of-last-resort arrangement.

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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ASIC

Court winds up unlicensed SMSF scheme

unlicensed SMSF scheme

Three former advisers and an unlicensed SMSF scheme have been barred from taking client funds by the Federal Court following an ASIC investigation.

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Infrastructure, Investments

Call for SMSF access to infrastructure assets

infrastructure assets

The establishment of liquid investment vehicles to house infrastructure assets would give SMSFs overdue access to this asset class, the SMSFA and FSC say.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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LRBA

Disclosure critical to avoid LRBA asset trap

intermediary LRBA inhouse asset

SMSFs looking to use an intermediary LRBA must tell lenders they are using a holding trust or risk the possibility of breaching in-house asset rules.

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