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Free webinar
How to Document Rent Relief for SMSF property leased to Related Party due to COVID 19
Trustees of SMSFs that own property leased to related parties may be finding that they are falling behind in paying rent to their SMSF's under the lease conditions due to the economic downturn arising from COVID-19.
The tax office has provided a practical approach of broadly not applying compliance resources to this issue for FY2020 and FY2021 where the SMSF Trustee has offered rent relief to their tenants, including if the tenant is a related party of the SMSF. However from a legal perspective, if these matters are not carefully documented, SMSFs and their trustees/directors could potentially face the risk of significant penalties under the Superannuation Industry (Supervision) Act 1993 (Cth) (‘SISA’) and the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’).
Templates will be provided on how to complete your Hear from Manoj Abichandani, Technical Director of Online SMSF Audit.com.au - as he explains these measures and what it means for you IN PLAIN ENGLISH.
When: 12th May 2020 (Tuesday) Time: 2 PM to 3 PM AEST Current Customers*: Free Non-Customers - $110 Incl. GST How to book: https://www.onlinesmsfaudit.com.au/BookWebinar.aspx CPD: 1 Hour in Taxation FASEA : 1 Hour in Client Care and practice
Speaker: Mr Manoj Abichandani Manoj has worked in SMSF since 1988 and is SMSF Specialist (UNSW). He was providing high level advisory services to over 600 funds in his own 3 partner CPA tax practice for 19 years and has written this online software. He currently works as SMSF Technical Support Team Leader at www.trustdeed.com.au He has hands on knowledge on what happens in a tax practice on high level of SMSF practical issues.
* From 1st May all webinars to our clients will be free and charged to non-clients. To become a client, simply register yourself and try our software for 10 Funds for free and then pay.
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Once you register, you get to use the software for free for 5 SMSF's - Try before you buy. The fee to audit one fund is $17 plus GST or can be $7 plus GST, per fund if you buy 2,000 audit pack.
Click here to download list of features and brochure of online SMSF Audit Click here to start your free trial for 10 funds
We recommend that you join SMSF Auditors Association of Australia LTD which offers 20 hours of Annual CPD via 20 online webinars for a low fee of $240 + GST. To Join visit www.smsfaaa.com.au
How CPD Works ASIC Approved SMSF Auditors Section 128F(a) of SIS Act : An approved SMSF Auditor must: (a) complete the continuing professional development requirements prescribed by the regulation. SIS Reg 9A.04 : (2) The approved SMSF auditor must undertake at least 120 hours of continuing professional development every 3 years. (3) The development must: (a) include 30 hours of development about superannuation at least 8 hours of which is development about auditing of self managed superannuation funds; and (b) be development that could reasonably be expected to enhance an approved SMSF auditor's technical skills or professional service delivery.
AFSL Holders - FASEA Requirements The Corporations Act 2017 (the Act) requires that all individuals identified as a ‘relevant provider’ are required to meet the requirements for continuing professional development set by the Standards Body (s 921B(5)). The Act requires the Standards Body to set requirements for continuing professional development in relation to each CPD year of a financial services licensee (s 921U(2)(iv)). Part 7.6 of theCorporations Act 2001 Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 The minimum number of hours of qualifying CPD activities that a relevant provider must complete during a CPD year is 40. If the relevant provider has a responsible licensee, at least 70% of the minimum number of hours must be spent on qualifying CPD activities approved by the licensee. Note 1: This means that any AFSL holder working full time at least 28 hours will have to be spent on approved activities.
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