Super

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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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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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