News

SMSF, Technology

Tech will democratise sector

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, technology, artificial intelligence, AI, administration, SuperConcepts, Matthew Rowe, fund establishment, portfolio administration, integration

The greater use of technology will lower the barriers to entry to using an SMSF to the point they are a viable option for any superannuant.

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Documentation, Trusts

Trustee appointment in death not equal

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Trustee appointment, deceased member, executor, director corporate trustee, Accurium, Jason Hurst, ATO guidance

The appointment of individuals to act as trustees in place of a deceased SMSF member does not have to be performed in a proportionate manner.

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Valuations

Valuation skills of trustees downplayed

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, asset valuation, trustee valuaton, ATO guidance, Vincents, Mailene Wheeler, unlisted company, unlisted trust

A change to the ATO’s guidance on valuations is raising concerns for trustees with knowledge of the assets held within their fund.

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Compliance, Contributions, SMSF, Strategy, Superannuation, Tax

Deductible recontributions scrutinised

Deductions claimed on withdrawals from super that are quickly recontributed will attract scrutiny from the ATO in regards to tax avoidance.

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financial advice, Financial Planning, Management, Practice Management, SMSF, Superannuation

Disability readiness a multilayered win

Accommodating client disability can strengthen both advice propositions and businesses themselves from an operational perspective.

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Death benefits, Division 296, Estate Planning, SMSF, Tax

Div 296 drives estate planning urgency

SMSF members retaining high balances inside super will need to be proactive in their estate planning to avoid a further post-death tax hit.

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financial advice, Financial Planning, Practice Management, Regulation

ASIC sues Fortnum over cybersecurity

The corporate watchdog has taken legal action against an Australian financial services licence holder over alleged cybersecurity breaches.

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Division 296, Pensions, SMSF, Tax

Ditch Div 296 for compulsory cashing

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, Division 296, compulsory cashing, Institute of Financial Professionals Australia, IFPA, Economic Reform Roundtable, tax concessions, retirement-phase pension, unrealised gains, Natasha Panagis

IFPA has claimed the reintroduction of compulsory cashing would reduce tax concessions in super and generate revenue for the government.

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ATO, Auditing

ATO refers 41 auditors to ASIC

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, ATO, auditor review, ASIC, compliance, audit evidence, independence requirements, auditor contravention report lodgements

The ATO has referred 41 SMSF auditors to ASIC as a result of its review into the practices of more than 200 of these professionals.

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Auditing

Engagement letter locks in responsibility

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, auditor, letter of engagement, ARC Super, Ashley Course, Ryan Wealth Holdings Pty Ltd v Baumgartner, contractual obligation

SMSF auditors commit to protecting the interests of fund trustees and members when they issue a letter of engagement.

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