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ATO provides solution for commutation of Death Benefit Pension back to Accumulation Phase.

We recently published a blog highlighting potential problems with members receiving death benefit pensions and the interaction with the transfer balance cap. The problem arises where a member needs to commute a death benefit pension to avoid an excess transfer cap balance.  The ATO interprets the existing law as to require a commuted death benefit […]

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Are you excited for the new LRBA Disclosure?

*News Flash* 2017 SMSF Tax Return Released

Are you excited about the New LRBA disclosure? In a move of greater anticipation than a Star Wars trailer teaser, the ATO has released the 2017 SMSF annual return and instructions. Of interest are the new disclosure requirements for LRBA arrangements. In our previous blog we discussed the ATO’s safe harbour guidelines on related party […]

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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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