What are the average SMSF costs and fees? SMSF operating, administration and audit costs are a key consideration when you setup an SMSF. 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 reliably insight into SMSF […]
This SMSF end of financial year checklist contains a number of key items for trustees to review and action prior to 30 June 2020. This 2020 end of financial year is slightly different due to a number of specific items related to COVID-19. Due to the size of this article we recommend you utilise the […]
Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need […]
The Australian Tax Office has announced (22 April 2020) an automatic deferral of SMSF annual return lodgments for the 2018-19 financial year to 30 June 2020. To be clear, where an SMSF had an original lodgement date of 15 May 2020, the 2019 SMSF annual return lodgment date is deferred to 30 June.
The National Cabinet has agreed to a mandatory code of conduct for commercial tenancies. The code will be guided by a set of principles, developed and legislated by State and Territory governments and apply to commercial landlords including SMSFs. Tenants who participate in the federal government’s JobKeeper assistance and have a turnover of less than […]
There are a number of important SMSF lodgement dates 2020 that are upcoming across April, May and June 2020. It’s also possible that the ATO may allow a lodgement extension for 2019 SMSF annual returns to assist tax practitioner businesses impacted by COVID-19.
The ATO has announced it will not be taking compliance action for the 2020 and 2021 financial years where an SMSF provide rent relief to a related party business leasing commercial property from the fund. So if your business has a lease agreement with your SMSF for it’s premises / property being forced to pay […]
What is my new minimum pension for 2020? Can I put amounts in excess of the reduced minimum pension back into my SMSF? Can I treat payments above the reduced minimum pension amount as lump sums? There are many questions about the SMSF minimum pension reduction 2020-21 and this article answers most of the common […]
The Government has reduced the required SMSF minimum pension 2020 draw-down rates for all superannuation pensioners including SMSFs for the current financial year 2019-20 and the next financial year 2020-21. Draw-down rates for account based pensions are normally 4% per annum for people under 65 an increase as pension recipients age. These rates have been […]
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 […]