The Pandemic Honeymoon is Over
During 2020 and 2021, ASIC and the ATO took a conciliatory approach to SMSFs.
That period of grace is now over.
There are 5 major concerns to be aware of:
Can you feel the serenity?
The long hoped for return to normality might be here.
Though there is a backlog of work to clear. At last count there are an estimated 80,000 SMSF audits overdue.
Here’s a helpful checklist to speed up the audit process.
The next generation is beating down the door. Are you taking advantage of it?
After years of negligible growth in the establishment of new SMSFs, they have taken off again. The one thing to watch out for is the younger generation of investors.
They are the fastest growing segment of new SMSFs, and they are different.
[Webinar] Property and SMSFs: are you getting it right?
This webinar was held on January 20, 2022 and it covers ATO's rules and most common questions about property and SMSFs. You can view the recording and download the material here.
It’s been exhausting, the finish line’s in sight… but...
It’s been a 21-month ultra-marathon.
Hang in there. The finishing line is in sight. It’s just a few short weeks.
However... it would be remiss of me if I did not bring two things to your attention:
Trustees looking for someone to blame
When investments sour and people lose money they want to blame someone. Anyone but themselves. Aggrieved trustees are all too happy to turn to the authorities or lawyers to vent their spleen.
And in the firing line – their accountant or auditor.
The big attraction with six-member funds is that it brings more capital into the fund, giving it access to more investment opportunities otherwise not available to it.
But there are management challenges to consider. So be mindful ...
Top 5 Issues on the Audit Radar to be aware of
The main issues to be aware of right now include:
1. Property Valuations
2. Covid rent relief for related parties
3. Investment strategies
... we actually list more than five.