Smsf

Time to wind up your SMSF?

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 –

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Event-based reporting mistakes lead to greater scrutiny of SMSF audits

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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Insurance cover through your SMSF can be tax deductible

  Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF. The same concession applies for any

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