Smsf

The SMSF sector is growing by $23,200 every minute

The latest statistical report from APRA has been released (here’s a link to download it), which of course mainly focuses on the 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, which from June 2018 to June 2019 grew in total

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SMSF event-based reporting: What needs to be reported, what doesn’t

Since event-based reporting started for SMSFs from 1 July 2018, the ATO says that for the larger part, SMSF trustees have mostly adjusted to the new requirements. Now that an entire income year under the transfer balance account report (TBAR) regime has been completed, some teething problems have emerged, which were to be expected. A

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Illegal early release from SMSFs on ATO’s high-risk watch list

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

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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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Top 10 Tax & Super newsroom posts for calendar 2018

  Over the calendar year 2018 there have been many notable tax and self-managed super developments. Apart from bringing news and updates to Tax & Super Australia members and many others, the newsroom page of our website can also serve as a litmus test for what matters most to the tax practitioner community (driven by

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