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 […]
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; • […]
SMSF Record Keeping Good practices to help audits run smoothly There’s no doubt about it – SMSFs require a lot of paperwork. Reminding your clients to practice good SMSF record keeping can make the difference between a smooth SMSF audit or a not so smooth SMSF audit. To help with the paper trail, the following […]
Relationship breakdowns and major life changes can seriously impact an SMSF. Break ups can be messy, especially when large amounts of money are involved, like Superannuation and property. This is why a trust deed is extremely important when setting up an SMSF. An SMSF trust deed spells out the rules of the fund including what […]
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 […]
Referral sources of audits and discrepancies in the valuation of assets are in the ATO’s sights In a recent update, the ATO has reminded us about its continued focus on SMSF auditor independence. ATO assistant commissioner Kasey Macfarlane said “SMSF auditors need to apply their judgement to [all] situations where there could be a perceived […]
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 […]
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 […]
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 […]
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 […]
Carrying on a business from your SMSF can have some advantages, such as easy access to start-up capital and lower tax on net income. However, it also comes with some significant limitations. There is a common belief among accountants and advisers that an SMSF is not allowed to run a business. But it is it […]
Trick or Treat …. the ATO is knocking at the door …. Assistant Commissioner for the Australian Taxation Office Kasey Macfarlane outlined at a recent conference the ATO’s 2015/16 targets for compliance and audit action. In particular, special attention was drawn to the ATO’s strong focus on SMSF auditor independence. They will focus on: data […]
