ATO Focuses on Breaches of Asset Valuation Rules. Market Valuation of SMSF Assets
The ATO has made significant investments in its analytics capability in recent years, leaning heavily on data to identify risky behaviour and trends in non-compliance. As reported by Intello earlier this year, high rates of illegal early access became a critical concern in the SMSF sector. By the time the ATO had processed the numbers, […]
SMSF Services – the Difference Between What Advisers and Accountants Can Offer
Making the most of financial products and strategies is, of course, something every Australian wants. And, while it’s widely agreed that superannuation is the most tax-effective program for retirement savings, it is notoriously complex. This is especially true for owners of a Self-Managed Superannuation Fund (SMSF) which is a highly regulated market. Legislation and professional […]
3 Reasons Why Advisers Should Remain Involved in a Client’s SMSF Admin
While most advisers attend to the investment needs of a client’s SMSF, only a few remain involved in the administration of their client’s SMSF. Without full visibility into SMSF accounting processes however, clients may be paying excess costs or missing opportunities for timely advice and the benefits therein. Many advisers don’t believe they have the […]
What do new Director ID Requirements mean for your SMSF?
Up to 63% of SMSFs will be impacted by new identification requirements for directors. If your SMSF has a corporate trustee, the director must go through a new registration process. Here’s what you need to know so you can be prepared, including details on the application process. Update November 2021: Applications for Director IDs are […]
SMSF News & Alerts: September 2021
Changes to Actuarial Certificate Requirement Laws have recently changed which means superannuation trustees no longer need to obtain an actuarial certificate when calculating exempt current pension income. Here’s an article with more detail on the changes to actuarial certificate requirements. SuperStream is Mandated for Rollovers as of October 1 2021 As of 1 October 2021, […]
July 28: TBAR Lodgment Due
The quarterly transfer balance account report (TBAR) for self-managed super funds (SMSFs) is due on 28 July 2021. You are required to lodge the TBAR on behalf of clients by this date if: a transfer balance account (TBA) event occurred in your client’s SMSF between 1 April and 30 June 2021, and any member of the SMSF has […]
What Auditors Want – Hear it Directly from an Auditor
Every year we get asked by advisers why our auditors ask for so much documentation relating to investment decisions or certain transactions within SMSF’s. As we prepare to enter a new financial year, we thought that it would be timely to understand some of the main issues our auditors look for when reviewing SMSF […]
2020/2021 EOFY Considerations for You & Your Clients
As another financial year draws to a close, it’s a good time for you and your clients to perform a little “financial housekeeping”. Here are a few important considerations that may prompt your clients, depending on their personal circumstances. Naturally, Superannuation is an important consideration at this time of year for many individuals. So, let’s […]
Caution needed on contribution reserving strategy when managing the TSB
I was at the First Tech Roadshow last week where the topic of the Contribution Reserving Strategy stimulated some interesting discussion! Here’s a recent article on the matter from Tony Zhang at SMSF Adviser. SMSFs thinking about implementing the unique contribution reserving strategy this financial year will need to be aware of possible unallocated contribution […]
ATO Updates for May
15 May Lodge 2020 tax returns for all entities that did not have to lodge earlier (including all remaining consolidated groups), and are not eligible for the 5 June concession. Due date for companies and super funds to pay if required. Note: Individuals and trusts in this category pay as advised on their notice of assessment. 28 May […]