Accountants acting in clients ‘best interests’ – new rules

Sign up here to receive our PRUDENCE newsletter


Accountants acting in clients ‘best interests’ – new rules

Tax agents have to act in the client’s ‘best interests’: s 30-10  TASA But what does that mean? What about a ‘conflict of interest’? Can you break the law to protect the client? The Tax Practitioners Board (TPB) expresses its views in Information Sheets. Legal Consolidated has summarised the TPB’s view below: […]

Reserves in a SMSF – How to complete annual return

A reserve account in a SMSF is unallocated. It has no owner. The wealth in a superannuation fund belongs to a member. You cannot have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. ‘Reserve accounts’ are assets in your SMSF that is not […]

Lost Family Trust Deed – can you replace it?

Lost Family Trust Deed – can I replace? Is a lost family trust deed a bad situation? What is worse? losing your property Title Deeds; losing your Company Constitution; or losing your family trust Deed For a few thousand dollars and an advertisement, we can replace your Title Deeds. For […]

Art in SMSF – insurance & store in office premises

Art in SMSF is not a problem. However, every Self-Managed Super Fund, as part of its Investment Strategy and Product Disclosure Statement, must consider whether insurance on the fund’s assets is desirable or prudent. There is less than $500m of collectables held in SMSFs. This is a tiny proportion of the […]

Key person insurance – protecting the business

Key person insurance – ‘income’ or ‘capital’ purpose? Businesses without strong leadership and direction are ships sailing without the captain at the helm. Death, Trauma and Disability are the insidious ‘killers’ of business. Key person insurance protects the business. Who is a key person? Businesses take out insurance to replace assets […]

NSW Power of Attorney – 5 changes to the law

NSW Power of Attorney changes under the Power of Attorney Regulation 2016 on 1 September 2016. What are the NSW Power of Attorney changes? Any NSW Power of Attorney built, after 1 September 2016, using the old rules will not work. The 5 major changes are: 1. Restructuring how the appointment […]

Which is safer for a company: Company Constitution or Replacement Rules?

Company Constitution vs Replaceable Rules? Which is better. Either can govern your company. Your company must have a set of rules. The rules are either in: a Constitution – document that you get when you build your Company; or failing that Replacement Rules – which are set out in the […]

Can you offer ‘free’ SMSF setup? ASIC attacks SMSF promotor

[smartslider3 slider=13] &nbsp ASIC attacks SMSF promotor, but is it fair? Good old ASIC has successfully applied a penalty on a business seeking to set up your SMSF for ‘free’ – but then charging you $1,100 per year. The ASIC $10,800 slap on the arm is because the advertising of ‘free’ […]