Categories | Audit

What limits SMSF advisers should be aware of when providing advice

By Daniel Butler on 13/01/2020 in Audit, Licensing, SMSF compliance, SMSF deeds, SMSF strategy, Succession planning, Taxation, Trustee education

Overview This articles examine what advice SMSF advisers can and cannot provide without ‘stepping over the line’ especially in providing taxation, financial product or legal advice which they may not be permitted to provide. For example, an adviser providing legal advice or services (eg, preparing an SMSF deed update, binding death benefit nomination (‘BDBN’) or [read more]

ATO auditing SMSF auditors: a warning to advisers

By Daniel Butler on 26/11/2019 in ATO, Audit, SMSF compliance, Trustee education

By Daniel Butler, Director ([email protected]), DBA Lawyers Overview The ATO has recently updated its approved SMSF auditor checklist. This checklist sets certain minimum expectations of auditors and is used by the ATO when reviewing an auditor’s competency. This checklist can be found at https://www.ato.gov.au/assets/0/104/2244/2335/9c29ecc7-c31a-4253-b1ae-9fecbb45d252.pdf. The professional obligations of SMSF auditors are contained in Part 16 [read more]

SMSF investment strategies –– are they a financial product?

By Daniel Butler on 17/10/2019 in Audit, Investments, Licensing, SMSF compliance, SMSF strategy, Trustee education

Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers Many advisers do not foresee the potential flow-on legal consequences from merely providing an investment strategy template to an SMSF client. Indeed, many believe they are merely assisting their client particularly to ensure the SMSF will have the necessary paperwork to survive an [read more]

Investment strategies –– what SMSF trustees must do

By Daniel Butler on 30/09/2019 in ATO, Audit, Investments, Licensing, SMSF compliance, SMSF deeds, SMSF strategy, Trustee education

Daniel Butler, Director ([email protected]), and Bryce Figot, Special Counsel ([email protected]), DBA Lawyers This article provides some background and some key points to SMSF investment strategies. What is an investment strategy? An investment strategy is a plan for making, holding and realising assets consistent with the investment objectives adopted by an SMSF trustee. An investment strategy [read more]

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SMSF Auditor’s Kit

By Daniel Butler on 15/05/2019 in ATO, Audit, Investments, Pensions, SMSF compliance

Daniel Butler ([email protected]), Director and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers Since the beginning of 2018, there have been many important changes for SMSF auditors. These changes also impact the rest of the SMSF industry. DBA Lawyers is now offering an SMSF Auditor’s Kit. Overview This kit provides a single licence for multi-use by one [read more]

How the Federal Budget 2018 will impact SMSFs

By Daniel Butler on 15/05/2018 in ATO, Audit, Contributions, Federal Budget, Pensions, SMSF compliance, SMSF strategy, Succession planning, Taxation

Daniel Butler ([email protected]), Director, DBA Lawyers We outline below the key superannuation changes announced in the Federal Budget 2018 on 8 May 2018. Some of the proposed changes will have a substantial impact on SMSFs if they are finalised as law. Nomination of superannuation guarantee (‘SG’) for certain employees with multiple employers Broadly, members with [read more]

ATO compliance action penalties for SMSFs

By Daniel Butler on 01/03/2018 in ATO, Audit, Investments, SMSF compliance, SMSF deeds, SMSF strategy, Trustee education

By Daniel Butler, Director, DBA Lawyers This article looks at the actions and penalties the ATO can impose on trustees of self managed superannuation funds (‘SMSF’). In 2014, a new regime added the following compliance powers to the ATO’s arsenal: Education directions Rectification directions Administrative penalties In addition to the above, the ATO has the [read more]

Check your market linked pension strategy!

By Daniel Butler on 06/02/2018 in ATO, Audit, Pensions, SMSF strategy, Succession planning, Taxation

By: Daniel Butler, Director ([email protected]), DBA Lawyers The mid-2017 superannuation reforms have had a profound impact on market linked pensions (‘MLPs’). While most of the planning should have already been implemented, there is still some opportunity to review and potentially restructure clients with MLPs. We briefly examine below the treatment of an MLP depending on whether [read more]

Dealing with a lost SMSF trust deed

By Daniel Butler on 23/10/2017 in Audit, Investments, SMSF compliance, SMSF deeds, SMSF strategy, Trustee education

By Daniel Butler, Director, DBA Lawyers, and William Fettes, Senior Associate, DBA Lawyers Introduction A self managed superannuation fund (‘SMSF’) is a type of trust that, like all trusts, is ‘run’ by its trustee. Case law tells us that one of the most fundamental duties of a trustee is that they obey the rules of [read more]

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Limited recourse borrowing arrangements can use one bare trustee for multiple bare trusts

By Daniel Butler on 10/10/2017 in Audit, Investments, Limited recourse borrowing arrangements, SMSF compliance, SMSF strategy

By Daniel Butler, Director, DBA Lawyers Introduction A common question we get asked when a client’s self managed superannuation fund (‘SMSF’) is undertaking a limited recourse borrowing arrangements (‘LRBA’) is whether there needs to be a separate bare trustee (usually a company) for each bare trust. The short answer is no. However, it is helpful [read more]

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