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A modern solution for the annual SMSF audit

  Rosie Squibb is a Chartered Accountant operating her own practice in the Nambucca Valley on the mid-north coast of NSW and provides tax and accounting services and advice to SMSF trustees. As readers will know, Section 35C of the SIS Act requires all superannuation funds, regardless of size or type, to be audited on

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Bankruptcy, SMSF trusteeship, and trust deed safeguards

  Bankruptcy is a serious issue for anyone, but additional caution needs to be taken by members/trustees of SMSFs. Jeff Song, solicitor at Townsends Business & Corporate Lawyers, says that superannuation law expressly disqualifies any undischarged bankrupt person from acting as a trustee, or director of a corporate trustee, of an SMSF. He also reminds

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NALI concerns allayed for practitioners who DIY super

  The same piece of legislation that introduced a 12-month SG amnesty also clears up one small area of concern for accountants and other practitioners who are also members/trustees of their own SMSF. The legislation, Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2018 (read it here) covers the amnesty but also deals with

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SG catch-up amnesty reaches waaaaay back to when it all started

  The government surprised a great many people in late May with the announcement that it would allow employers to fix unpaid compulsory super payments to employees, all the way back to 1992, without penalties. The 12-month superannuation guarantee amnesty is intended to apply retrospectively once enacted and, as the name suggests, it’s a once-off

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Transfer balance account report (TBAR) update

  The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions. SMSF trustees are required to report the following

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