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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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Businessman trying to solve problems

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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Diamond

Bottle of White, Bottle of Red… Maybe a Monet Instead? Deadline Looming for SMSF Collectables

By Joel Curry Do any of your clients’ SMSFs contain collectable and personal use assets listed in Regulation 13.18AA? Yes?  Clients need to take action by 30 June 2016 to comply with the new rules.  Strict fines and penalties will apply if they fall foul of the specified requirements. We covered the new rules in […]

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Breaking news

2016 Budget Silly Season – Don’t Panic!

It’s that time of year again when accountants and economists go into speculation overdrive as 2016 Budget Night approaches.  Journalists are busy asking government ministers to rule things in or out and social media is full of “Act now or lose out!” headlines. Superannuation is once again at the forefront of the rumour mill and […]

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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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The top four SMSF audit issues that are consistently arising

By Joel Curry   2015 FY SMSF Audit update: 11 weeks down; 15 weeks till Christmas…. Is it mid September already and was I imagining the Christmas decorations I saw in stores this week? Hopefully we are all well into completing compliance work for our clients and their SMSFs in the run down (run up?) […]

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London buses

Members living overseas – does this result in a SMSF becoming non–complying?

  Possibly – but don’t panic!  There are practical steps that can be taken to allow members to maintain their SMSF even whilst living overseas.   What is the issue?  A SMSF ceases to be a complying Fund in a year in which it is not an Australian superannuation fund.   What problems does this […]

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