Smsf

A modern solution for the annual SMSF audit

  Rosie Squibb is a Chartered Accountant operating her own practice in the Nambucca Valley on the mid-north coast of NSW and provides tax and accounting services and advice to SMSF trustees. As readers will know, Section 35C of the SIS Act requires all superannuation funds, regardless of size or type, to be audited on

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Three-year SMSF audit cycle proposal stirs debate

  The proposal in the Federal Budget to change the requirement for SMSFs to have an annual audit, moving instead to a three-year auditing cycle, has been met with mixed reactions from the marketplace. Naturally, SMSF trustees have generally welcomed the news, at first glance — welcoming the justification used in the budget papers that

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Asset valuations and the contribution caps

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC. The new contribution caps require that assets of

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Events based reporting: What does it mean for SMSF trustees?

The first signs of disquiet in the SMSF sector started not too far into the current income year when confirmation signs started to emerge that the ATO, for the purpose of the then recently introduced transfer balance cap, would soon require SMSF trustees to report certain events on a real-time basis. It is understood that

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Compliance burden fears about SMSF ‘real-time’ reporting allayed by ATO

Along with the new transfer balance cap that was introduced from July 1 this year, the ATO indicated in the recent past that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. It has now announced, after it conducted detailed consultation with the SMSF sector, that its implementation

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Child death benefit recipients and the super transfer cap

The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they may have left in their fund. Child death benefit recipients and the super transfer cap. Making things harder is

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SMSF trustees have some specific deductions available

The ATO has issued guidance to allow for certain expenses to be specifically deductible to superannuation funds, including of course SMSFs. SMSF trustees have some specific deductions available Taxation ruling TR 93/17 says “the following types of expenses typically incurred by a superannuation fund are ordinarily deductible”. They are: actuarial costs (although see note below)

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