What you need to know about SuperStream Changes – October 2021

As of October 1, the ATO has implemented changes to SuperStream obligations. This means that rollovers into or out of your SMSF can only be performed using SuperStream. By being prepared for this change, it will ensure your employer super contributions are paid and super monies are rolled over in a timely manner. Below we […]

Are You A Typical SMSF Member?

A profile of Australia’s SMSF Members – Aug 2021 Hello Trustees! Ever wondered if you’re the average SMSF Member… is your balance on par and are you older, or younger than most of your comrades? The number of SMSFs has increased by 15% in the last five years to more than 590,000 funds. And while […]

SMSF Annual Return (SAR) – Is Yours Due October 31?

Some SMSFs have their annual return (SAR) due by 31 October 2021. You’re required to lodge an SMSF Annual Return (SAR) if: You are a new self-managed super fund (SMSF) or, If you have missed previous years lodgments. It’s worth noting that October 31 falls on a Sunday this year, so you will be able to […]

How Much Does it Cost to Wind Up a SMSF?

Once a fund has been wound up, it cannot be reactivated. It’s also important to follow critical steps in this checklist and the ATO’s winding up an SMSF Form. Your SMSF wind up checklist As stated by the ATO, the following tasks are required when winding up an SMSF: complete any requirements that the trust […]

EOFY To-Do’s for Trustees

An article from our partner, Quill Group. The end of the 2020/21 financial year is approaching – a great time to perform some financial “housekeeping”, according to your personal circumstances. For many individuals, Superannuation and the management of their SMSF is often an important consideration at this time of year. So, let’s look at some […]

SMSF Investment Strategy: Considerations for Trustees

What’s the Purpose of an SMSF Investment Strategy? An investment strategy for your self-managed super fund (SMSF) is a legal requirement, designed to assist Trustees when making investment decisions for the Fund. The SMSF Investment Strategy must be clearly articulated – the ATO recommends it is written down – to keep members aligned with the […]

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 […]

SMSF Auditor Independence Standards – The Tough Decisions for Accounting Firms

In preparation for a tougher clamp down on SMSF Audit Independence Standards as of July 1, many accounting firms face a predicament. Under the updated code, those firms that offer both non assurance and SMSF audit services to their SMSF clients to decide to offer one, or the other.  The independence standard also affects those […]

SMSF Annual Return Obligations for February 28 [An Update from the ATO]

Did you realise that February 28 falls on a Sunday this year? As such, those SMSF trustees required to lodge their SMSF Annual Return (SAR) by February 28 have one extra day this year to do so. You can lodge your annual return with the Australian Tax Office (ATO) on Monday, March 1. It’s important […]

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 […]