18 July, 2019
In a speech given earlier this year, the ATO’s Assistant Commissioner for Superannuation, Dana Fleming, focused on the risk areas that the ATO had identified as being of most concern — and as being most in need of action. Each year the ATO analyses its data to identify the key risk areas that then form
[ Read More ]Late in 2018, the comparison website finder.com.au conducted a survey of thousands of Australians and found that about 52% (equivalent to about 10 million citizens if extrapolated to the entire population) did not have a valid will. The risk of dying intestate is of course that one’s assets are likely to be distributed by your
[ Read More ]The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be aware of. In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if
[ Read More ]There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include: there are no members left – they may have passed away or rolled benefits into other funds there are no assets left –
[ Read More ]Since event-based reporting (EBR) started for SMSFs from 1 July 2018, the ATO says an unprecedented number of transfer balance cap reports have required re-reporting. The transfer balance account report (TBAR) is used to report certain events and is separate from the SMSF annual return (SAR). The TBAR enables the ATO to record and track
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