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Archive | SMSF Audit Alerts

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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Budget Super Changes now Law

** Newsflash**   Budget Super Changes now Law The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 have today been passed by parliament. planning will be required long in advance for many of your clients What does this mean? The proposed 2016 budget changes (and […]

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Breaking news

Breaking News – Major Changes to Budget Proposal

The Treasurer has today announced major revisions to superannuation reforms as proposed by the 2016 Budget. In brief summary: –    the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year; –    individuals aged under 65 will continue […]

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Binding death nomination

Requesting Clients’ Non Concessional Contribution balances from the ATO

The ATO has announced that from late August you will be able to request clients’ post 1 July 2007 NCC lifetime cap balance via the tax agent portal mail facility. TriSuper Auditors will be testing this facility as it becomes available. We suggest you consider the following when reviewing Non Concessional contribution balances received back […]

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New Regulations cartoon

Major Changes to SMSF Contributions Rules

SMSF Contributions Rules: Implications and what to look out for * Post Election update * The impact of the 2016 Budget on SMSF compliance cannot be overstated. New rules applying from Budget Night and from 1 July 2017 have created many new issues to be aware of when managing your clients’ SMSFs. A. Changes to […]

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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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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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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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