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 […]

Code of Conduct for Commercial Tenancies including SMSFs

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 […]

Vary SMSF PAYG Instalments

PAYG instalments is a system that helps taxpayers manage expected future tax liabilities on their SMSF income for the current income year by making regular payments in advance. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is enabling tax payers to vary SMSF PAYG instalments without penalty for the current […]

SMSF Rent Relief for Related Party Tenants

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 […]