News

Compliance, LRBA, Trusts

LRBAs not good for vacant land

Single acquirable asset Vacant land LRBA Unit trust

SMSF trustees could face a compliance issue should they use an LRBA to purchase vacant land through their fund.

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Administration, Compliance, Regulation, SMSF

Court option open for disqualified trustees

Disqualified trustees Bankruptcy Wind-up SMSF Rollover APRA fund

While the super laws state disqualified SMSF trustees are unable to act on behalf of their fund, a recent court ruling has shown there are ways they can continue to make limited decisions for the benefit of the fund.

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Property, SMSF

Property development rules laid out

SMSF Property development SMSFRB 2020/1 Mark Ellem Accurium

SMSF trustees cannot claim they are unaware of the rules around property development, but ongoing advice may be helpful in ensuring they are properly applied.

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ETFs, Investments

Vanguard drops bond ETF fee

Vanguard ETF Management fee Reduction Vanguard Australian Government Bond Index ETF

The yearly fee associated with one of Vanguard’s most popular ETF products has been cut by several basis points.

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Cryptocurrency, Investments, Regulation

Crypto growth needs firm regulation

Cryptocurrency Regulation Cryptocurrency exchanges Digital assets Caleb & Brown

Strong protections need to be in place to cope with the increasing demand for cryptocurrency investments coming from individual and SMSF investors.

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Auditing, Compliance, Regulation

Auditing standards impact valuations

Sufficient and appropriate evidence Asset valuations SMSF auditors Auditing standards

Professional standards play a significant role for SMSF auditors when assessing whether an asset valuation is sufficient and appropriate.

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Legislation, SMSFA, Tax

Unrealised gains tax a dangerous precedent

SMSF Association Unrealised capital gains Division 296 tax

Taxing unrealised capital gains as part of the Division 296 impost could set a risky precedent, potentially causing significant ripple effects throughout Australia’s tax system.

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ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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SMSF, Superannuation

Ageing demographic future of SMSFs

SMSF Deloitte Growth Industry funds Dynamics of the Australian Superannuation System Report

SMSFs are expected to grow well into the future, but an ageing demographic is likely to reduce their number and the overall pool of retirement savings.

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Compliance, Death benefits, Regulation

ATO view clear on benefit payments

ATO SMSF Member benefit Death benefit Superannuation benefit Death

The ATO is taking a less discretionary approach to situations where a superannuation benefit is paid after the death of a member, but was requested before the event.

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