News

Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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NALI/NALE

In-specie contribution changes hide NALI trap

New draft guidance on the use of in-specie assets as a contribution hinges on the valuations applied as any incorrect figures may create NALI problems.

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financial advice, Financial Planning

Govt cautious on new class name

A previous attempt by the government to name its proposed new class of adviser has left it cautious about trying again as it attempts to find an appropriate and acceptable title.

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SMSF, Technology

The changing face of SMSFs

The character of the SMSF sector is changing, with a younger demographic driving establishments and the increasing use of technology.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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NALI/NALE

NALE gap requires transaction examination

A regulatory gap around the treatment of NALE for general expenses means trustees should be closely examining how they acted for their fund in the past financial year.

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Death benefits, SMSF

SMSFs have greater financial abuse risk

A parliamentary committee has called for a review into how superannuation is used to engage in financial abuse, noting the structure of SMSFs raises the risk of one member abusing another.

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Investments

Replace hybrid bonds with private credit

SMSFs looking for an alternative after the planned phasing out of bank hybrid bonds should look to the private credit sector, which provides similar returns and is growing strongly.

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SMSF, Superannuation

Legacy pension exit changes approved

Legacy pensions, tax, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

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Compliance, SMSF

Some compliance breaches need direct action

In the event of a trustee compliance breach, practitioners may have no choice other than to address the problem head on with the fund auditor.

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