The Top 5 Mistakes made on an SMSF: Advice from the Australian Tax Office
The ATO published a list of the most common mistakes made in the accounting process of SMSFs around the country last year. A few of the top five mistakes relate to the SMSF Annual Return (SAR) which is required to be lodged for some SMSFs next month. With recent growth of 15% in SMSF’s for […]
4 Industry Changes Financial Professionals Need to Know
A Market Update: Jan ’21 It’s already looking like 2021 is going to be another year of change and a dynamic time for our Industry. Although the pandemic seems to be relatively under control in Australia, unfortunately this is not the case for much of the World. At this stage, restrictions upon travel and the […]
SMSF costs: How much does an SMSF really cost?
This article on SMSF costs was originally posted in The Australian, 13 July 2020 under the title “How much does an SMSF really cost? That depends on who you ask” What are the average SMSF costs? Even the regulators can’t agree on how much it costs to run a self-managed superannuation fund. The Australian Taxation […]
SMSF Administration Costs
What are the average SMSF administration costs and fees? SMSF operating, accounting and audit costs are a key consideration when an recommending an SMSF be set up. New data has been released from the ATO on the average SMSF costs and fees. This new data is more detailed than previous high level statistics and provides […]
SMSF Diversification Strategy – are you on top of your obligations?
Are you questioning your obligations and requirements aligning with your SMSF diversification strategy? The Australian Taxation Office has recently mailed around 17,000 SMSF trustees with a ‘please explain’ letter. The target was a batch of funds that have more than 90% of their assets in a single asset class. In many uninformed sectors of the […]
Can my SMSF invest in gold and silver bullion?
Yes – your SMSF can invest in gold and silver bullion and other precious metals as part of your investment strategy however there are a number of rules that you must comply with. Importantly, an SMSF investment in gold or silver bullion valued entirely on the spot price of the precious metal. Gold bullion is […]
Offshoring SMSF compliance work alternatives
Over the last decade outsourcing work offshore has been a trend in the Australian accounting landscape. Often one of the first areas an accounting practice will look to offshore is their SMSF compliance work. Although I don’t have an issue with offshoring in general as a business solution, for a number of reasons I believe […]
How much super do I need in retirement, and how can I boost my super balance?
Knowing how much you need in retirement is more about knowing what kind of lifestyle you desire when you have retired, or, transitioning to retirement. According to the ASFA Retirement Standard, for a single person that magic number is $545,000. But according to the ABS – the average super balances for the entire working population1 […]
Bitcoin and cryptocurrency investment in an SMSF
SMSFs can invest in Bitcoin and other cryptocurrency investments including Ethereum, IOTA, Ripple, Dash, Litecoin, Monero and Cardano. The recent surge in the price of Bitcoin has many investors seriously looking at crypto-currency as a part of their SMSF investment portfolio. So, can an SMSF invest in Bitcoin and crypto-currency, and if so, what must […]
Does outsourcing put SMSF client data at risk?
Many financial advisers are engaging in offshore outsourcing, but there are smarter initiatives available that keep clients’ private financial data onshore while keeping jobs in Australia. We are seeing a surge in Australian financial services firms outsourcing a large proportion of its operations to offshore providers. While it may be legal, many clients are oblivious […]