News

Administration, Compliance, Contributions

Active member contributions broader

Active member test Contribution Rollover

Trustees and practitioners must be aware the definition of contribution for the purpose of the active member test is broader than in other circumstances.

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Auditing, Compliance, Insurance

Auditor PI should cover review action

SMSF auditors professional indemnity PI insurance ATO review Bryce Figot DBA Lawyers

SMSF auditors should check their PI insurance will fund a defence against an ATO review, as well as being sued by clients.

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AAT, Compliance, Legislation, Regulation

Past actions can bar trustee appointment

SMSF disqualified trustees Dishonest conduct SIS act

People who wish to become SMSF trustees must present a clean sheet of behaviour in regards to dishonest conduct as past actions can bar them from being appointed.

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NALI/NALE

NALE repeal rejection explained

Treasury NALE NALI repeal SIS Act joint bodies submission

Treasury has outlined some of the reasons it has rejected industry calls to repeal the NALE regime, noting it was best suited to address non-arm’s-length issues within SMSFs.

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ATO, Compliance

ATO can act on trustee impasse

Disqualified trustees ATO Acting trustee SIS act

SMSFs at an impasse due to no trustee willing to take action can ask the ATO to step in to appoint someone to manage the fund.

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Investments, LRBA

Check share holdings with LRBA

SMSF LRBA shares portfolio single acquirable asset

SMSFs using an LRBA to purchase shares should be certain they are considered a single asset to ensure the holdings don’t breach ATO loan rules.

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financial advice, Legislation

Industry input crucial to more QAR changes

Stephen Jones Quality of Advice Review Safe harbour Statement of advice QAR

Several outstanding recommendations of the Quality of Advice Review will be legislated in 2024, contingent on further discussions with industry bodies.

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Accounting, Legislation, Regulation

Single financial reporting body to be formed

Australian Accounting Standards Board Auditing and Assurance Standards Board Financial Reporting Council amalgamated merger

The government will amalgamate three existing financial reporting bodies into one entity that will implement new climate and sustainability standards.

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Auditing, Contributions

Contribution mistakes more likely

SMSF auditors non-concessional contributions work test

Changing the non-concessional contribution regime to operate on an age-based criteria means more mistakes are probable and auditors will be less likely to be able to help rectify them.

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