Latest Accounting News

Quarter 2 of, 2017 archive

  • ‘Bank-like heists’ make way for new wave of cyber crime
  • ATO reports on key contraventions for 2016-17
  • ATO, mid-tiers warn on common expenses myths
  • SMSF trustees told to take action on contributions
  • Higher instant asset write-off threshold for small business extended
  • Australian population figures
  • New data points to spiralling retirement costs
  • Personal insolvency numbers spike across Australia
  • ATO cracking down on taxable fringe benefits
  • Intangible capital improvements made to a pre-CGT asset
  • The three core pillars of this year's budget
  • Federal Budget - 2017-18 - Overview
  • Does your business import or export goods and services?
  • Federal Budget - 2017-18 - Budget documents
  • When does an asset cost less than $20,000? Depreciating assets: composite items
  • ATO finalises guidance for capped defined income streams
  • Warning on trap with trust deed updates
  • 2011 Census - what was the make up of your area?
  • It’s no secret that Australians have some of the largest houses in the world.
  • Resources on our site to help you and your family.
  • ATO defends approach to SG compliance
  • Essential steps for SMSF clients before 30 June
  • New tax incentives for early stage investors
  • FBT Reminder – Odometer Reading
  • ATO on 'aggressive' debt recovery hunt
  • More ATO downtime looms ahead of tax time
  • Tax debt release applications refused
  • Troublesome tax system overhaul picks up speed
  • Government to ‘put to bed’ uncertainties with TRIS
  • Travel expense and transport of bulky tools claim denied
  • New law sheds light on global tax issues
  • Report tips housing price spikes to wipe out super savings
  • Warning on trap with trust deed updates

    With many SMSF trustees requiring changes to their trust deed following the reforms to super, an industry lawyer has stressed the importance of reviewing the history of trust deeds.

           

     

    Cooper Grace Ward Lawyer partner Clinton Jackson says many deed providers update their deeds without reviewing them to make sure they’re actually updating it based on the current valid rules of the fund.

    “There are a lot of deeds out there that have a bad history in the sense that there has been an error made along the way in terms of updating the deed or changing the trustees,” Mr Jackson said.

    “If you’re replacing the deed, the only way you can make sure that those rules are valid and give you all the flexibility that you are trying to achieve with the new rules is to make sure that history is clean.”

    If the history is not clean, any issues will need to be addressed, “otherwise the update to the trust deed is not worth the paper it’s written on”.


    MIRANDA BROWNLEE
    Friday, 05 May 2017
    www.smsfadviser.com

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