News

Commercial Property, Compliance, Property

Vacant land not considered BRP

Vacant land Business real property Related party SMSF In-specie transaction

An SMSF cannot acquire vacant land from a related party as it does not meet the definition of business real property at the time of the transaction.

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Auditing, Compliance, In-house assets

ASIC check crucial for IHA compliance

ASIC register in-house assets Related party Auditor SMSF

To avoid running into in-house asset issues, auditors should review company details held on the ASIC register to determine if an SMSF is dealing with a related party when conducting a transaction.

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Accounting, Auditing

Static asset values should be questioned

SMSF accountant SMSF auditor Asset valuation Market valuation DBA Lawyers Bryce Figot ATO

Asset values that are unchanged from year to year should not be accepted and auditors and accountants need to request evidence for the lack of movement.

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ETFs, Investments, Platforms

SSGA ETF portfolios added to platform

Platform Netwealth State Street Global Advisors ETF

State Street Global Advisors’ ETF model portfolios have been added to a fourth adviser-focused investment platform.

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Accounting, Tax

Tax agent switching requires care

SMSF ATO TFN ABN Client linking SMSF Association

The SMSF Association has emphasised the need for tax agents to acknowledge a critical detail when executing a new fund authorisation.

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Pensions, Superannuation, Tax

Div 296 defined benefit rules poorly designed

Division 296 Defined benefit interest Regulation Treasury Chartered Accountants Australia and New Zealand CPA Australia Financial Advice Association of Australia Institute of Public Accountants

The draft regulations prescribing how the Division 296 tax will apply to defined benefit interests reflect the same poor design as the overall legislation, four industry bodies have claimed.

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Legislation, Property, Superannuation

Super for housing policy counterproductive

Association of Superannuation Funds Australia Super Members Council Super for housing Andrew Bragg

Enabling access to superannuation funds to aid first-time homebuyers will drive up house prices and lock those with smaller super balances out of the market.

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ETFs, Investments

Global X unveils gold bullion ETF

Global X Gold Bullion ETF Global X Gold ETF

Global X has broadened its ETF offering by introducing a second fund focused on physical gold, featuring the market’s lowest management fee.

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LRBA, Property, Trusts

LRBA bare trust transfer needless

Bare trust LRBA SMSF Property

Properties acquired using an LRBA need not automatically be transferred from a bare trust into an SMSF once the loan has been paid back.

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Administration, ATO, Compliance, Contributions

Contribution return window narrow for over 75s

ATO Contribution SIS Act SMSF

SMSFs receiving contributions from members aged over 75 will likely have to return them and should be aware the timeframes within which to act are very limited.

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