News

Compliance

Valuations validate related-party transfers

SMSF related party transactions valuation arm's length

While not required to do so, SMSFs should seek valuations when disposing of assets to a related party to prove the transactions were at arm’s length.

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ASIC, ATO, Compliance

ASIC sanctions 11 SMSF auditors

ASIC disqualification SMSF auditors

ASIC has taken enforcement measures against 11 registered SMSF auditors, resulting in the disqualification of three practitioners during the September quarter.

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Administration, Commercial Property, Compliance, In-house assets, LRBA, Property, SMSF

Dual-use properties a compliance risk

SMSF business real property in-house asset

SMSF trustees must use acquired business real property solely for the purposes of operating a business to avoid triggering in-house asset rules.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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Compliance, Investments, Regulation

Acquisition error not reversible

SMSF related party acquisition breach

SMSF trustees who purchased an asset from a related party in error cannot reverse the breach but only manage the problem with the ATO.

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Administration, Platforms, SMSF

SuperMate improves user functionality

SuperMate SMSF administration

The functionality available on the SuperMate SMSF administration platform has been enhanced with improved user access to key information.

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Accounting, Administration, Contributions, fraud, SMSF, SMSFA

Fraud raises compliance snags

SMSF fraud compliance contributions

The regulator’s stance regarding situations where benefits of a fund have been accessed via fraudulent activities remains a little unclear.

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Legislation, Superannuation, Tax

Short consultation period a risk

Superannuation earnings tax consultation period

The industry requires a longer consultation period to evaluate the impacts of draft legislation imposing measures like the $3 million soft cap.

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Compliance, Investments

Wholesale thresholds need fixing

wholesale investors SMSF assets test income

The definition of a wholesale investor in an SMSF context must be redefined with regard to the thresholds applied to the asset and income tests.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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