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Archive | SMSF Penalties

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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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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the road to running a business in an SMSF is full of potholes

Thinking of carrying on a business in an SMSF?

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 […]

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Non-independent SMSF auditors under attack!

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 […]

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A Monet, a bottle of Grange and a SMSF walk into a bar….

Sadly, from 1 July 2016 your client’s SMSF may no longer be able to hold investments in collectables and personal use assets. Tougher, stricter rules will apply. New investments were caught from 1 July 2011, but by 30 June 2016 the new rules will apply to all. What investments are caught? A complete list is […]

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