News

Pensions

Intentions key to reversionary pensions

reversionary pensions

Advisers should carefully consider trustees’ intentions regarding beneficiaries before establishing reversionary pensions on their behalf, an SMSF expert has said.

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FASEA

FASEA adds diploma to approved list

FASEA approved diploma

The list of courses approved by FASEA continues to grow with the addition of a diploma and bridging courses offered by a major university.

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ASIC

Fact sheet was best data to hand

SMSf fact sheet

ASIC has defended its use of numbers that overinflated the cost of running an SMSF, claiming they were reputable and the best available at the time.

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ATO, Property

ATO seeks input on in-house asset exclusion

in-house asset exclusion

The ATO’s draft legislative instrument excluding SMSFs that provided COVID-19 rent deferrals from acquiring in-house assets is open for consultation.

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Documentation, Succession Planning

Multi-member funds face death dispute risk

multi-member SMSFs

Potential disputes regarding death benefit payment decisions could be averted if trustees choose to have funds with fewer members, a legal expert says.

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ATO, Documentation

No part for ATO in deed changes

ATO SMSF trust deeds

An SMSF trust deed stipulating any change to it requires ATO approval cannot satisfy this condition, the partner of a legal firm has said.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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ASIC

SMSF adviser jailed for six years

SMSF adviser jailed

A former SMSF adviser has been sentenced to six years’ jail for the misappropriation of client funds.

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Documentation

Electronic signatures on table until 2021

Electronic signatures

Corporate trustees can still execute deeds electronically after the government extended measures exempting them from having to do so face to face using ink and paper.

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ASIC, Superannuation

ASIC faces another fact sheet grilling

ASIC fact sheet

ASIC’s first attempt to price the cost of running an SMSF has been raised as an issue of concern ahead of the regulator’s appearance before a parliamentary committee tomorrow.

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