Two recent cases involving SMSF auditors, Cam & Bear Pty Ltd v McGoldrick [2018] NSWCA 110 and Ryan Wealth Holdings Pty Ltd v. Baumgartner [2018] NSWSC 1502 have highlighted the obligation of SMSF auditors to verify asset values in the financial statements. Since 1 July 2012, regulation 8.02B of the Superannuation Industry Supervision Regulations 1994(SISR) has required SMSF…
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It was a recommendation from the Financial Systems Inquiry (FSI) to ban the use of limited recourse borrowing arrangements (LRBA) within superannuation that put the operation of section 67A in the firing line as a strategy for SMSFs. With an overheating housing market, problems with property spruikers and ‘one-stop’ shops promoting the use of…
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The benefit of hindsight is a wonderful thing, in particular when it came to the way many practitioners dealt with the payment of income streams for their SMSF clients. Before 1 July 2017, where a member was 60 years or over, it really didn’t matter how the benefit payments were paid as the pension was…
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With Parliament now having risen for the Christmas/New Year break, there remains a whole raft of Bills that are yet to pass both houses that play a significant role across superannuation and SMSF reforms. The table below outlines a range of announcements and measures that remain unresolved at the end of 2018. Matter Status…
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A solution for unlicensed accountants around the common conversations you have with your SMSF clients. You can watch the webinar recording by Aaron Dunn, CEO of Smarter SMSF held on 10 December 2018, where he launches and demonstrates the new Create Comply product provided by Smarter SMSF, which has been built in conjunction with Licensing…
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