smstrusteenews’ Post

Offshore accountants please go through the great insight about how we should handle Trust income schedule requirements from FY24. Thank you Mark Ellem The article outlines the new Trust Income Schedule (TIS) requirements starting 1 July 2024, where SMSFs must file a TIS for each trust or managed fund distribution, with a maximum of 150 TISs allowed. Using a wrap platform simplifies compliance, as only one TIS is needed for a consolidated report. As Offshore accountants we should ensure to identify all distributions, verify whether a wrap platform is used, and keep track of the TIS limit to avoid filing excess reports. Maintaining Single line accounting for Wrap portfolio will be more efficient way of processing SMSF with large trust distribution income.

SMSF trustees need to be aware of the annual return lodgement date and check how current fund records and the information are provided to the ATO. https://ow.ly/93k150RNgwZ #SMSF #financialplanning #smstrusteenews #smsfinvestors

SMSF trust deeds covering multiple parameters for certain actions of the fund need to be given particular attention from a compliance perspective. https://ow.ly/nSiv50RNfyr #SMSF #financialplanning #smstrusteenews #smsfinvestors

SMSF trust deeds covering multiple parameters for certain actions of the fund need to be given particular attention from a compliance perspective. https://ow.ly/7TT450RMRxW #SMSF #financialplanning #smstrusteenews #smsfinvestors

I had the privilege of speaking with WFLA regarding the case of $100 million missing from a local trust fund. This issue has profound implications for countless individuals and families who depend on these funds for essential support. I discuss the details of the case, how CPT Institute will help the affected, and the importance of proper trust fund oversight. This situation emphasizes the need for accountability, transparency, and reform to safeguard the financial security of those who rely on these resources. https://lnkd.in/gYvFdUGp

The JFSC have updated their Jersey Private Fund (JPF) Guide in collaboration with the Jersey Funds industry. The enhancements reflect the dynamic market landscape and the impressive success of the JPF regime since its 2017 inception. Dominic Coyne, Director & Head of Funds, discusses the key changes designed to further the appeal of the JPF in today's market. Read the full article on our website > https://bit.ly/4cRxhGj #JPF #JPFGuide #JPFUpdate #JFSC

FSP fallout: FSCA withdraws licence of The Wealth Strategist tied to N-e-FG saga. The FSCA has withdrawn the licence of The Wealth Strategist (Pty) Ltd, whose directors were also directors of the N-e-FG Fund Management and N-e-FG Administrators (which rebranded as Phahamisa Administrators). Get further insights in the full article: https://buff.ly/3UWh2kc Share your thoughts in the comment section! #FAISAct #FSCA #NeFGAdministrators #NeFGFundManagement #TheWealthStrategist

FSP fallout: FSCA withdraws licence of The Wealth Strategist tied to N-e-FG saga. The FSCA has withdrawn the licence of The Wealth Strategist (Pty) Ltd, whose directors were also directors of the N-e-FG Fund Management and N-e-FG Administrators (which rebranded as Phahamisa Administrators). Get further insights in the full article: https://buff.ly/4azaeP2 Share your thoughts in the comment section! #FAISAct #FSCA #NeFGAdministrators #NeFGFundManagement #TheWealthStrategist

What Happens to My SMSF if I Lose Capacity? 💸 Effectively managing a Self-Managed Superannuation Fund (SMSF) requires careful planning, particularly when addressing the potential impact of cognitive impairment among trustees. With the recent ATO report disclosing significant SMSF holdings, it is crucial to know what measures to take if signs of lost capacity appear. ▶️ From understanding loss of capacity to exploring options like Enduring Power of Attorney appointments, learn more about safeguarding your SMSF against capacity issues by reading further here: https://buff.ly/49Lmxsh #financialplanning #SMSF #KrestonSW

Are you a Self-managed Super Funds (SMSF) trustee? SMSFs require careful management and a thorough understanding of trustee responsibilities. As an SMSF trustee, you assume legal and financial accountability for your fund. To help you navigate this responsibility, here are seven essential areas you must understand: https://lnkd.in/gbJgkNYA #smsf #selfmanagedsuperfund #smsfadministration