News

AAT, NALI/NALE

AAT case indicates requisite attention to detail

AAT NALI case details SMSF Association

SMSF practitioners need to demonstrate great attention to detail when assessing situations involving related parties not based on commercial terms.

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financial advice, SMSF

Intent at set-up critical for advisers

SMSF establishment intent

Financial advisers need to comprehend the reasons why a client might want to establish an SMSF so they can uphold ethical standards and fulfil their professional obligations.

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ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

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Compliance, SMSF, Trusts

Trust overpayment can be compliant

Unit trust distribution SMSF

Appropriate accounting treatment of an overpayment of a unit trust distribution to an SMSF can prevent the situation from being a compliance breach.

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ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

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Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

cryptocurrency wallet SMSF audit

SMSF members holding cryptocurrency in offline wallets may find themselves unable to prove either the ownership or existence of the asset to a level that satisfies an auditor.

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Compliance, LRBA, NALI/NALE, SMSF

Dual LRBAs feasible but complex

Related-party commercial LRBA NALI ATO SIS

SMSFs can use commercial and related-party LRBAs to purchase an asset, but may struggle to get past lending criteria and the NALI safe-harbour provisions.

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Contributions, Pensions, Tax

Pensions can stop some deductions

tax deduction pension personal contributions

SMSF members need to complete all of the compliance procedures to claim a deduction for a personal contribution before they start a pension.

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Investments

Investor confidence grows despite rate rises

Investor confidence interest rates

About half of Australian retail investors remain undeterred by successive interest rate rises and will continue to ramp up their investment activities in 2023/24.

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Investments, Technology

Netwealth posts record profit

Netwealth profit annual results

Investment platform Netwealth, which offers SMSF administration and investment services, has posted a record profit ahead of a relaunch of an upgraded core offering.

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