Legislation has recently passed to strengthen the non-arm’s length income (NALI) provisions contained in section 295 of the ITAA97. Non-arms length income derived by a SMSF can be taxed at the highest marginal rate rather than the 15% concessional rate. Starting from the 2018/19 year, the provisions will also apply where a SMSF deals with […]
Like Rick Stein with a notepad on a Mediterranean odyssey, the ATO is now seeking to find out the secret ingredients of your client’s investment strategy. In recent weeks the ATO has outlined a new approach to investment strategies, conducting a mail out this week to 17,000 at risk SMSF’s. Already, we have been contacted […]
How compliant are your clients? At the heart of your client’s SMSF is their investment strategy. It’s why they wanted to manage their own super. They believed they could do a better job. At the heart of superannuation is the ability for Australians to provide for a happy retirement. To have financial independence and enjoy […]
In the past, many accountants haven’t put enough emphasis on the SMSF investment strategy. After all, if the client is a “Mum and Dad” fund, and they make a bad investment decision for their superannuation, that’s their own problem. But what about when there are other trustees involved, such as grown-up kids in the family […]
What does this mean for the future of SMSF Audits? While I watched in anticipation of an exciting Budget Night on Tuesday 9th April, it was a bit of a fizzer for SMSF news. The three-year audit cycle proposal was notably absent, so it would appear the idea has been dropped (which I’m pleased about). […]
What’s the latest news in SMSF? The big news in SMSF auditor circles is the recent disqualification and suspension of auditors. Let’s take a look at the impact ASIC’s decision might have on auditors and trustees. Plus, a reminder that Quarterly TBAR Reporting is due on 28th April – details below. If you or your […]
The first quarter of 2019 has ended and with it may come new Transfer Balance Account Report (TBAR) reporting requirements for your SMSF clients. Hopefully, by now, you have attended to lodging a TBAR to report details of retirement phase pensions that your SMSFs were paying on 1 July 2017 (commenced prior). This report was […]
![What an SMSF audit is not [image]](https://trisuperauditors.com.au/wp-content/uploads/2018/10/TriSuper-What-an-SMSF-audit-is-not-160x160.jpg "What an SMSF audit is not")
Are your clients getting value from their SMSF audit? There has been a lot of noise in the industry about new technology and low-cost SMSF audits. It’s possible that your clients are questioning the cost of their SMSF audit and asking about cheaper options. To help you explain the difference between low-cost and high-quality audits, […]
Know the key dates and how to avoid harsh penalties We’ve ticked over into a new financial year, which means it’s time to wrap up the previous year’s SMSF annual return paperwork. This guide helps accountants and trustees to check the ATO’s SMSF annual return deadlines and avoid harsh penalties. When to start preparing an […]
Recap on the ATO’s July 2017 SMSF reforms Just as winter has arrived, EOFY is coming. The ATO’s July 2017 SMSF reforms marked significant changes to contribution and balance caps and reporting requirements. As the end of financial year approaches, I’ve put together a list of the key things you need to know. I’ll include […]
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 […]
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 […]
