Smsf

SMSF news just keeps getting better

The ATO has just released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some

[ Read More ]

New SMSF auditor’s report form

A new version of the Self-managed superannuation fund (SMSF) independent auditor’s report has been published on the ATO website. The new form is effective for reporting periods starting on or after July 1, 2016. It can also be used for audits completed for earlier periods, but you must ensure it complies with the auditing standards and

[ Read More ]

Super changes from July 1 amended, but passed

  The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017, containing further amendments to the new superannuation rules kicking in on the 1 July 2017, has passed both houses of Parliament (on 15 June 2017). It is going to be possible for the government to prescribe additional transfer balance debits and transfer balance credits

[ Read More ]

SMSFs: More ‘real-time’ reporting will be required soon

Along with the new transfer balance cap that is being introduced from July 1 this year, the ATO has indicated that more “events-based” reporting will be required for it to adequately deal with the evolving SMSF regime. Indications that this was a direction that SMSF trustees may be expected to take arose from the newly

[ Read More ]

The ATO’s law companion guidelines on super changes

Ever since the ATO made its announcements about changes to the rules surrounding self-managed superannuation funds (SMSFs), not only trustees but the practitioners advising them have been very keen to get their hands on clear guidance and advice. The ATO has now come to the party, and has issued finalised law companion guidelines (LCGs). There

[ Read More ]

ATO extends due date for 2015-16 SMSF returns

This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual returns for 2015-16 to 30 June 2017. Deputy Commissioner James O’Halloran said the ATO has made this decision as a result of feedback received from professional and industry representatives. “We have heard that many accounting and

[ Read More ]

The transitional CGT relief measure and your SMSF

Transitional CGT relief is temporary relief available to all super funds, not just SMSFs, for certain CGT assets that would otherwise lose the tax exemption through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income streams (TRIS). Upon the introduction of the

[ Read More ]

ATO’s approach to reviewing commutation requests: What you need to know

  In a recently released practical compliance guideline (PCG 2017/5), the ATO sets out its administration approach in relation to commutation requests. It is an essential piece of information for tax practitioners and superannuation trustees because it explains which commutation requests will not be subject to an ATO review. With the new superannuation rules taking

[ Read More ]

SMSFs and the in-house asset rules explained

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. What does the ATO say in relation to the in-house asset rules? Recent ATO statistics on the SMSF sector show

[ Read More ]