How Much Does it Cost to Wind Up a SMSF?

Once a fund has been wound up, it cannot be reactivated. It’s also important to follow critical steps in this checklist and the ATO’s winding up an SMSF Form. Your SMSF wind up checklist As stated by the ATO, the following tasks are required when winding up an SMSF: complete any requirements that the trust […]

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 […]

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 […]

EOFY To-Do’s for Trustees

An article from our partner, Quill Group. The end of the 2020/21 financial year is approaching – a great time to perform some financial “housekeeping”, according to your personal circumstances. For many individuals, Superannuation and the management of their SMSF is often an important consideration at this time of year. So, let’s look at some […]

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 […]

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 […]