Super

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SMSF trustees have some specific deductions available

The ATO has issued guidance to allow for certain expenses to be specifically deductible to superannuation funds, including of course SMSFs. SMSF trustees have some specific deductions available Taxation ruling TR 93/17 says “the following types of expenses typically incurred by a superannuation fund are ordinarily deductible”. They are: actuarial costs (although see note below)

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Transfer balance account report now available

A transfer balance account report (TBAR) has been developed by the ATO to capture the new information super providers need to provide. The new TBAR and relevant instructions are now available from the ATO website. It adds that it is planned to have an online TBAR form available from next January, although you can download

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SMSF news just keeps getting better

The ATO has just released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some

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