Smsf

5 minute tax updates: 24-28 August 2020

PSI “unrelated clients test” not met for services provided via intermediaryAppeal made on proceeds from share disposal as ‘taxable property’SAN misuse mailout about to hit SMSF trusteesAnnual return for a client’s SMSF is more than for income taxDraft PCG on related party cross-border financing seeking practitioner feedbackFranchise arrangements and capital outgoings decision appealAccredited e-invoicing service

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Are SMSF audits facing a wipe-out by 2021?

The body that oversees and the issues standards that outline the responsibilities of SMSF professionals, the APESB (Accounting Professional & Ethical Standards Board) has recently published an updated Independence Guide. Tied closely to other recent changes made to the APESB’s Code of Ethics 110, released last January, these guidelines specifically spell out a potential new

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No argument: Non-lodging SMSFs face tough ATO action

As the regulator of the SMSF sector, the ATO’s message to participants comes back regularly to the fact that it continually balances providing assistance and support to this very important retirement savings sector with its stringent regulatory expectations. This operational balance was recently referred to by the ATO’s Assistant Commissioner Dana Fleming in her address

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Increasing maximum SMSF members to six is still official policy

The SMSF Association held its annual conference last week, which was attended by Tax & Super Australia’s CEO Pippa McKee and our President and Chair Stephen Ware. The conference was addressed by Assistant Minister for Superannaution, Senator Jane Hume, who stated that it remains government policy to see an increase in the maximum number of

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Top 5 ways to trip up with SMSF annual returns

The ATO has compiled, from many years worth of annual return data supplied by self managed superannuation funds, what it says are the top five errors committed by SMSF trustees when lodging their annual tax return. Knowing where other SMSF trustees have tripped up in the past can go a long way tp make sure

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LRBA amounts now included in TSB calculation

The calculation of an individual’s total superannuation balance (TSB) will now include, in certain circumstances, the outstanding LRBA amount attributable to each member’s interest where the fund has an LRBA that was made under a contract entered into on or after 1 July 2018. This will apply if: the LRBA is with an associate of the

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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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