Trust deed issue flagged with new accounting standard
SMSFs that are set up after 1 July or those intending to change their trust deed after this date will need to review certain clauses in their trust deed if they want to prepare special purpose financial statements, says the ATO.
A new amended accounting standard has been released by the Australian Accounting Standards Board (AASB). AASB 2020-2 will come into effect from 1 July 2021.
Read more at SMSF Adviser.
