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 […]

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 borrowing levels are not a concern

The following letter to the Australian Financial Review on SMSF borrowing has been issued by John Marony, Chief Executive of the SMSF Association: SMSF borrowing misinformation In “Time to outlaw borrowing by self-managed super funds” (July 7) (PDF), Karen Maley has misinterpreted the latest statistics from the Australian Taxation Office (ATO) on the level of […]

ATO SMSF Statistics December 2019

ATO SMSF statistics are published every quarter for the self-managed super fund (SMSF) market. These reports provide a valuable insight into the SMSF sector and help confirm trends that SMSF professionals such as advisers and accountants need to be aware of when operating in the space. ATO SMSF Statistics – December 2019 The latest quarterly […]

Promissory Note for SMSF Contributions

  If you are looking to make last-minute contributions to an SMSF prior to 30 June, however the banks are closed or EFT and Bpay payments won’t clear in time, a promissory note may be a viable option. A great way to think of a promissory note is that it’s a ‘DIY cheque’ for people […]

Superannuation Contributions 2020-21

The new financial year often brings new rules and new strategies for superannuation and the 2020/21 financial year is no exception. The two key changes this year are: the removal of the work test for anyone aged 66 and 67 years old who wish to make non-concessional superannuation contributions 2020-21; and an extension of spouse […]

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 […]

Average SMSF Costs and Fees

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 […]

SMSF End of Financial Year Checklist for Advisers 2020

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 […]