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The SMSF sector has been growing by $62,400 every minute

The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021. The report of course mainly focuses on APRA-regulated superannuation funds in the retail and industry sectors, but the APRA statistics also make passing mention of ATO-regulated funds (the SMSF sector).

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Tax and SMSF audits on ATO radar, but leniency given

Late last year, the ATO told a parliamentary Senate Select Committee on COVID-19 that its plans were to start tax audits as soon as practical. Time and efforts however were diverted to the rollout of the JobKeeper and JobMaker schemes and other stimulus measures, with the ATO sourcing staff for this work by redeploying people

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Payment factors for market linked income streams

The below contains the payment factors for market-linked income streams contained in Schedule 6 “Payments for market-linked income streams” of the Superannuation Industry (Supervision) Regulations 1994. Note: These payment factors, specified under section 9BA(5), are given effect for social security purposes by the Social Security (Asset-test Exempt Income Stream (Market-linked) – Payment Factors) (FaCS) Principles

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Taking advantage of the SG amnesty, for some employers, has one more hurdle

At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for Superannuation Jane Hume reported the amnesty resulted in 24,000 employers coming forward, with about $588 billion paid into nearly 400,000 accounts. Your eligible clients who qualified for the amnesty by disclosing unpaid SG before

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ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the SISR legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered

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SG Amnesty could have boosted retirement savings for even more

by John Jeffreys Tax & Super Australia (TSA) believes the SG Amnesty would have likely returned even more retirement savings to Australians if it was extended to operate beyond the most intense period of the coronavirus pandemic. Assistant Minister for Superannuation Jane Hume has been reported in the media as saying the amnesty resulted in

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Some ATO forms that SMSF trustees may need

SMSF trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some of the required forms here (you could even bookmark this page,

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SG penalty remissions: How not to trip up, post-amnesty

The ATO has published draft law administration practice statement PSLA 2020/D1 – remission of additional superannuation guarantee charge. With the SG amnesty now expired, so too has the ability of the ATO to remit part 7 penalties in full (which can otherwise amount to 200% of the SG charge). To provide guidance to its staff

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