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Snapshot of the 2018 Federal Budget’s proposed change to a three-year SMSF audit cycle.

Three-year SMSF audit cycle proposal raises questions

Will the changes be in trustees’ best interests? It’s there in black and white in the 2018 Federal Budget: “The Government will change the annual audit requirement to a three-yearly requirement for self-managed superannuation funds with a history of good record keeping and compliance.” However, the predicted benefits to trustees of having a three-year SMSF […]

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TSA to be

To be, or not to be. Actually, when to TBAR. That is the question.

Alas, after navigating through the June 2017 reforms; transfer balance caps, CGT relief, new contribution caps and total superannuation balances, it is time to take arms against a new sea of troubles… What is a TBAR and why is it needed? “Though this be madness, yet there is method in it” As we are all […]

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Pen and Ink

Putting It In Writing: How to ensure SMSF investment strategy compliance

Here is a summary of the requirements for having, enforcing and reviewing an SMSF investment strategy in plain language. What is the operating standard for an SMSF investment strategy? The investment strategy must: • be in writing, signed by members or trustees and kept in hard copy for  10 years; • be reviewed regularly; • […]

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laptop-2561221_1280

TRIS in the post July 2017 world… Traps, Tricks and Tips

The July 2017 reforms brought with it significant changes to treatment of Transition to Retirement Income Streams (TRIS) within the SIS and Income Taxation regulations. Pre July 2017 As a background a TRIS traditionally has allowed a member to access their superannuation once they reached preservation age without having to satisfy a full condition of […]

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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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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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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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Joel Curry

Free In-house SMSF Training 2016

  The budget has completely changed the SMSF world.  Find out what that means for your clients’ SMSFs. The world of SMSFs is fast changing and complex. Budget changes, new ATO updates and regulations, court rulings and case law are on stream all the time and it is hard to keep up. It is also […]

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