655 paragraphs found
The applicability of enduring powers of attorney in this circumstance will vary depending on the relevant state legislation. Guidance is also provided in Self Managed Superannuation Funds ATO Ruling SMSFR …
See SISA section 128B and ASIC Regulatory Guide 243 Registration of self-managed superannuation fund auditors provides guidance on how to apply for registration as an approved SMSF …
In-specie contributions are contributions to a SMSF where a physical asset (for example, a commercial property) or an intangible asset (for example, a share or an option) are contributed to the SMSF on behalf of a member without any cash being …
Where contributions are accepted in-specie, the auditor assesses whether: the fund’s governing rules permit in-specie contributions; and the SISA prohibitions on acquiring assets from related parties (including members) have been …
Once it is established that the in-specie contribution may be accepted, the auditor assesses whether the in-specie contribution is: within the contributions cap; valued at market value; and not in breach of any other SISA …
Where downsizer contributions are accepted, the auditor assesses whether: the fund’s trust deed permits downsizer contributions; there is sufficient evidence to confirm the member’s eligibility to make the contribution; and the member has not utilised the …
Key risk areas relating to downsizer contributions may include: the 10 year holding period - one member of the couple must have owned the property for at least 10 years; the property is at least partially exempt from CGT under the main residence …
Where reserves are present in a SMSF, an auditor ordinarily checks to ensure the use of the reserves by the trustee is appropriate for the fund within the requirements of the SISA [215] and SISR, in accordance with the fund’s trust deed and investment …
If the reserve was established prior to 1 July 2017, the ATO has indicated that it can be maintained by the SMSF if it is not being used to circumvent the various caps and thresholds introduced from 1 July 2017. [217] This includes manipulation of the TSB …