News : Documentation

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.

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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.

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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.

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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.

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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.

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Compliance & Regulation, Documentation

Avoid trustee company deregistration

corporate trustee deregistered

SMSFs face several adverse consequences should a fund’s corporate trustee directors allow the company in question to be deregistered by ASIC.

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Documentation

E-signature complexities highlighted

electronic signature

SMSF trustees and their advisers need to exercise meticulous attention to detail when looking to electronically approve documents for a fund.

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Documentation

Two-share corporate trustee flawed

shares SMSF corporate trustee

Trustees and advisers should consider issuing more than two shares in an SMSF corporate trustee to allow the fund to operate more efficiently.

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Documentation

Greater importance for property documentation

property documentation SMSF

Standard documentation practices for proof of ownership regarding SMSF properties have a taken on different implications due to a NSW law amendment.

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Documentation

Trust deed dictates death benefits

trust deed death benefits

The detail included in an SMSF trust deed requires examination to understand the procedures that need to be followed regarding death benefit payments.

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