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 […]

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 […]

ATO Updates for April

Trustee Reporting Obligations for April: Transfer Balance Account Report (TBAR) For some SMSF’s, the Transfer Balance Account Report (TBAR) is due on April 28. It’s important to note additional considerations ahead of the indexation of the transfer balance cap later in the year. You’re required to lodge a TBAR for SMSF clients where: A transfer […]