Super

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More SIS compliance headaches on the way for SMSFs

  Trustees of SMSFs may be soon required to add the creation of a “retirement income strategy” alongside existing compliance requirements centring on investment and insurance. This would similarly require review on a regular basis. The covenants of investment and insurance strategies exist in the Superannuation Industry (Supervision) Act 1993 (SIS), with an additional retirement

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Three-year SMSF audit cycle proposal stirs debate

  The proposal in the Federal Budget to change the requirement for SMSFs to have an annual audit, moving instead to a three-year auditing cycle, has been met with mixed reactions from the marketplace. Naturally, SMSF trustees have generally welcomed the news, at first glance — welcoming the justification used in the budget papers that

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SMSF death beneficiaries and exceeding the $1.6m TBC

  The ATO runs a forum for taxpayers to pose personal scenarios and ask questions, which are addressed by ATO staff. See the forum here. The answers provided to these questions are checked for technical accuracy before being posted on the site and labelled as “ATO certified”. The community forum is also a place in

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Event based SMSF reporting: Update on frequency

  Gabriela Rusu looks at the ATO’s final position on the event based reporting framework for the SMSF sector, as well as some of the myths surrounding this reporting. Late last year, the ATO released information in relation to how often SMSFs should report events to the ATO that affect an individual’s transfer balance account

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Maximising contributions into your SMSF

  Gabriela Rusu explores some strategies that can be used to maximise contributions into SMSFs, and identifies the opportunities and the practical steps involved in implementing these strategies.   Most superannuation strategies revolve around the effective use of contributions to gradually build the amount of super savings needed to live comfortably in retirement. Super contribution

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