Smsf

COVID-19 relief measures for SMSFs extended

SMSFs impacted by COVID-19 due to the extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021/22 financial year. The relief was originally offered by the ATO to SMSFs for the 2019/20 and 2020/21 financial years where certain situations may have caused SMSF trustees to contravene superannuation law. For

[ Read More ]

SuperStream deadline is approaching

SMSF trustees must get ready to process rollovers via SuperStream by 1 October 2021. This means trustees will no longer able to send and receive paper rollover benefit statements and cheques between superannuation funds. SuperStream requires employers to pay superannuation and send employee information electronically in a standard format. This links the data to the

[ Read More ]

Compensation payments may cause contribution issues

Superannuation fund trustees that receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps. Background A superannuation fund may have a right to seek compensation if it entered into a legal contract or agreement with a financial services provider or insurance provider, paid the

[ Read More ]

Changes to actuarial certificate requirements for SMSFs

SMSF trustees no longer need to obtain an actuarial certificate when calculating exempt current pension income (ECPI) where all members of the fund are solely in retirement phase for the entire financial year. The changes will commence from 2021/22 and later financial years. Background ECPI refers to investment income that is exempt from tax because

[ Read More ]

The ATO’s stance on LCR 2021/2 prompts unprecedented concerns for super funds

The ATO’s release of LCR 2021/2 – which relates to expenditure incurred by superannuation funds under non-arm’s-length arrangements ­– is probably the most concerning tax interpretation ever made by the ATO regarding superannuation funds, says Tax & Super Australia (TSA).  All superannuation fund trustees (from both SMSF and APRA regulated funds) should be very concerned

[ Read More ]

Eligibility requirements for SMSF trustees or directors

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person. The ATO is also

[ Read More ]

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

[ Read More ]

The go-to investment option that can still trip up clients

New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations. The ATO says that from 1 July 2018, most purchasers

[ Read More ]

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,

[ Read More ]