News : Documentation

Documentation, SMSF

Voting by member balance flawed

A specialist lawyer has advised against super balance-based voting in SMSF constitutions, noting it may lead to an added administrative burden and unfair outcomes.

read more
Documentation, Trusts

TIS obligations more severe for SMSFs

SMSF Self-managed superannuation trust income schedule trust distributions wrap platform Accurium Mark Ellem

The new requirement to complete a trust income schedule for trust and managed fund distributions is more imposing for SMSF trustees.

read more
Documentation, Investments

Investment strategy needs yearly review

SMSF Self-managed superannuation investment strategy SMSF Association Neil Sparks

Generally the SMSF investment strategy should be reviewed every 12 months, but does not automatically need amending as a result of the process.

read more
ATO, Documentation

Common annual return errors noted

SMSF annual return Errors ATO Melissa Anstis exit strategy

The ATO has noticed simple identifiable errors are appearing on SMSF annual returns that are delaying the timely processing of these documents.

read more
ATO, Documentation, SMSF

ATO issues record-keeping reminder

ATO Record-keeping Changes SMSF SMSF annual return

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information are provided to the ATO.

read more
Documentation, Estate Planning

EPOA grants complete trustee power

SMSF trustee EPOA enduring power of attorney Graeme Colley The Auditors Institute

The role of a person acting under an enduring power of attorney for an incapacitated trustee can be misunderstood, with many seeing them acting as a proxy, which runs counter to the law.

read more
Administration, Documentation, Legislation

Wet signatures reduce litigation risk

Trust deed deed electronic execution

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

read more
Documentation, Property

Proper asset ownership worrisome

SMSF property assets ownership records

The correct record of ownership for assets acquired by an SMSF is a noticeable compliance issue trustees are having difficulty with.

read more
ATO, Business news, Documentation

Voluntary disclosure forms updated

ATO voluntary disclosure

The ATO will now require trustees to sign off on voluntary disclosure forms when reporting unrectified regulatory contraventions.

read more
Documentation

Director ID extension available

Director ID extension

SMSF trustees who have not yet applied for a director ID have been encouraged to do so by requesting an extension of time from the ATO.

read more

Our Story

selfmanagedsuper is the definitive publication covering Australia’s SMSF sector. It uniquely offers online content tailored separately for SMSF professionals and individual trustees participating in the fastest growing and largest sector of the superannuation industry. As such, it is a must read for those wanting to stay informed about the latest news, regulatory developments, technical strategies, investments, compliance, legal and administration issues concerning SMSFs.

Copyright © SMS Trustee News 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.