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SMSF Audit Alert 2014/2 – New penalty regime starts July 2014

From 1 July 2014 new penalties will apply for contraventions of specific sections of the SIS Act.  The table below outlines the applicable sections and the penalty for each contravention. This new penalty regime is designed to give the ATO greater options in dealing with breaches without having to go through the exhausting process of […]

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SMSF News 2014/1 – Increase to 2014/15 Contributions Caps

The ATO has published the contribution caps for the 2014/15 year. Good news:   From 1 July 2014 the general concessional cap has been increased from $25,000 to $30,000.  For those 49 and over on 30 June 2014, the cap will be $35,000. The non-concessional cap has also been increased to $180,000 up from the […]

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SMSF Audit Alert 2013/2 – Transferring Residential Property into SMSF

It is a common complaint of SMSF advisors and trustees that a residential property owned by a member or related party cannot be bought or transferred into their SMSF. It has always been understood however that Section 66 of the SIS Act allows listed shares and commercial properties to be transferred at market value. Interestingly, there […]

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