News - Advisers Digest

The Exclusion Of Spouses As Beneficiaries Of A Trust

I see a lot of document providers out there offering trust deeds where they specifically exclude spouses of future generations from being beneficiaries. I note that these trusts are offered up by trust experts, not family law experts. They say that by excluding the spouse as a beneficiary you can...

SMSF Audit MarketPlaces

Do you do SMSF Audits of funds where your own firm prepares the accounts?We are sure you are aware that you will need to outsource those audits from 1 July this year.No issue there but it means that you probably now have capacity to take some audits...

SMSFs and Cryptocurrency

SMSFs investing in Cryptocurrency. We have had the same questions asked a number of times over the past week – do we need to update our deed to provide for an investment in Cryptocurrency? Well the answer to this is the same as everything else. First,...

Unregistered Tax Agent Cops it Big Time

The government sure takes tax returns seriously. A guy was previously a registered tax agent and now just gets people to do them on MyGov. Doesn’t seem to be any evidence people got ripped off or hurt in any way and he cops 7 months in jail. Now don’t get us wrong, this is great news for genuine...

Scary stuff using a related party building for an SMSF

Scary Stuff Using A Related Party Building For An SMSF

Here’s some scary stuff about using a related party building for an SMSF… Even if you use an agency agreement you are still paying for the property installation after it has been installed. Once it is installed it is a fixture and as such it forms part of the property and is therefore...

Is The Limited License Regime On Its Way Out?

A 65 year old comes to see you. You do their tax return. They have $1 million in super. All concessional… In 30 seconds you work out they should start a pension. You work this out in your head. But you can’t say anything because it is financial product advice. Well, you can, but you need to...

Accounting Firm Has Been Fined After Being Caught Providing False Payslips to Fair Work Inspectors

An Accounting Firm Has Been Fined After Being Caught Providing False Payslips To Fair Work Inspectors

So what do you think about this? An accounting firm has been fined after being caught providing false payslips to Fair Work inspectors… It is interesting that they have merely fined the company. No mention of any fraud being created by the individual that actually fabricated the pay slips. So would...

ASIC Bans Again For Execution Only

Following on from Jason Atkin’s failed appeal to the AAT, ASIC has now banned another adviser who claimed they were merely facilitating the establishment of SMSFs on behalf of their clients. Once again ASIC have shown that it is essential that an adviser determine if an SMSF is appropriate for...

How Valid Is An Oral Resolution?

Sorry but this is a post that asks questions rather than gives answers. I was having a chat with a commercial barrister yesterday. He has a matter in front of him where a company claimed to have made an Oral Resolution with regards to a family trust distribution. Further things happened after that...