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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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Man looks through binoculars with arrows on the wall

ATO provides solution for commutation of Death Benefit Pension back to Accumulation Phase.

We recently published a blog highlighting potential problems with members receiving death benefit pensions and the interaction with the transfer balance cap. The problem arises where a member needs to commute a death benefit pension to avoid an excess transfer cap balance.  The ATO interprets the existing law as to require a commuted death benefit […]

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LRBA 31ST January ATO deadline looming?

The ATO has given notice that all non-commercial LRBA arrangements must be at arm’s length by the 31st January 2017. Thereafter they will be subject to close scrutiny and penalties may arise for those in breach. We recommend that you urgently review all your clients SMSFs that have LRBA arrangements to ensure that they are […]

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SMSF Auditor independence

ATO intensifies its crackdown on SMSF auditor independence

At the CA Australian & New Zealand SMSF conference Assistant Commissioner Kasey Macfarlane announced that the ATO will be increasing its vigilance in three key areas: Cheap price audits Whilst recognising that low prices need not compromise the quality of work the ATO has a number of red flag concerns: Low fixed prices – irrespective […]

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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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