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Lies, Damned Lies and Statistics…

The state of play on the world of SMSFs – courtesy of the great collector of SMSF data, the ATO. As at 30 June 2016 there are: 577,000 SMSFs holding $622 billion in assets (29% of all superannuation assets) with more than 1 million members. With average assets per member of $590,000, this dwarfs the […]

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Low cost audits can be full of holes

The problems with low cost SMSF audits

As in life, so in audits: you get what you pay for. Over the last quarter of 2016 the ATO conducted an extensive review of low cost SMSF audits providers (those below $400). As reported by ATO Commissioner Chris Jordan at the SMSF Association’s Conference earlier this month, the review identified areas of significant concern […]

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Newsflash

LRBA 31ST January ATO deadline looming?

The ATO has given notice that all non-commercial LRBA arrangements must be at arm’s length by the 31st January 2017. Thereafter they will be subject to close scrutiny and penalties may arise for those in breach. We recommend that you urgently review all your clients SMSFs that have LRBA arrangements to ensure that they are […]

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Segregated assets

Segregated or unsegregated assets – the conundrum and opportunity for SMSFs

The recent budget changes introducing the pension transfer balance cap and associated transitional capitals gains relief, for assets in SMSF member accounts moving back to accumulation phase, has opened up a Pandora’s Box for accountants and auditors. A box with interesting opportunity in amongst the technical confusion. In essence, with the maximum transfer limit of […]

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Newsflash

Budget Super Changes now Law

** Newsflash**   Budget Super Changes now Law The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 have today been passed by parliament. planning will be required long in advance for many of your clients What does this mean? The proposed 2016 budget changes (and […]

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SMSF Auditor independence

ATO intensifies its crackdown on SMSF auditor independence

At the CA Australian & New Zealand SMSF conference Assistant Commissioner Kasey Macfarlane announced that the ATO will be increasing its vigilance in three key areas: Cheap price audits Whilst recognising that low prices need not compromise the quality of work the ATO has a number of red flag concerns: Low fixed prices – irrespective […]

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Breaking news

Breaking News – Major Changes to Budget Proposal

The Treasurer has today announced major revisions to superannuation reforms as proposed by the 2016 Budget. In brief summary: –    the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year; –    individuals aged under 65 will continue […]

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