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Snapshot of the 2018 Federal Budget’s proposed change to a three-year SMSF audit cycle.

Three-year SMSF audit cycle proposal raises questions

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 […]

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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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GoGoGadget TSA

Go Go Gadget Arms: keeping SMSF transactions at arm’s length

Making sure there’s no conflict of interest Transactions between parties related to the SMSF trustees or members can be allowed, but there are very strict rules about when and how they can be carried out. The ATO keeps a sharp eye on transactions between related parties. Transactions must be at fair market value and show […]

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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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