Super

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New SMSF auditor’s report form

A new version of the Self-managed superannuation fund (SMSF) independent auditor’s report has been published on the ATO website. The new form is effective for reporting periods starting on or after July 1, 2016. It can also be used for audits completed for earlier periods, but you must ensure it complies with the auditing standards and

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Super changes from July 1 amended, but passed

  The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017, containing further amendments to the new superannuation rules kicking in on the 1 July 2017, has passed both houses of Parliament (on 15 June 2017). It is going to be possible for the government to prescribe additional transfer balance debits and transfer balance credits

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Transfer balance cap modifications for certain income streams

Writing for Tax & Super Australia’s superannuation journal The Contributor, Gabriela Rusu from GR Super, an independent self-managed superannuation fund (SMSF) service provider, says that the imposition of the $1.6 million transfer balance cap on retirement phase income streams is one of the most significant changes to super that will apply from 1 July 2017.

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SMSFs: More ‘real-time’ reporting will be required soon

Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. Indications that this was a direction that SMSF trustees may be expected to take arose from the newly

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