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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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Alert! – ATO targeting non-arm’s length trust distributions to SMSFs

The ATO has announced they will be targeting SMSFs which receive distributions of non-arm’s length income from related party trusts. In one of our previous articles the issues and tax consequences surrounding non-arm’s length distribution were discussed in detail. To summarise briefly: In relation to an investment in a unit trust, distributions of income to […]

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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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LRBA News: Borrowing by SMSFs is Here to Stay – for now!

LRBA News: The Government has now released its response to the 2014 Financial System Inquiry. Importantly they will not go ahead with the recommendation to prohibit limited recourse borrowing arrangements (LRBAs) by SMSFs. New and existing LRBAs will continue to operate under existing rules for at least the next 3 years, at which time the […]

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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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SMSF News 2014/3 – Individual Trustees – Time to reconsider?

The new SMSF penalty regime starting on 1 July 2014 is an opportunity to review whether your SMSF clients with individual trustees should consider moving to a sole purpose Corporate Trustee. We all know the main reason clients reject a corporate trustee are the initial setup and ongoing costs.  We are also too aware of the problems that arise by having individual trustees. […]

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