The announcement of the replacement of the accountant’s exemption has grabbed much of this week’s headlines, but for SMSF approved auditors, the release of the ASIC registration requirements provided some much-needed guidance around minimum levels of competency and the costs of registration. For those auditing more than 20 funds, there was a reprieve from having … Continue reading »
The announcement by Government on the weekend of the proposed replacement of the accountant’s exemption with a conditional licensing framework has been claimed as an overwhelming victory for the accounting profession who argue their member’s stronger professional standing with providing strategic advice to SMSFs. It may not necessarily be a viewed shared by many within … Continue reading »
There have been many advisers and trustees alike looking to build strategies around the interpretation the Commissioner’s decision outlined in ATO ID 2012/16, which deals with the timing of concessional contribution allocations. The facts of this interpretive decision effectively allow for the taxpayer to “double dip” on the concessional contribution tax deduction in the current … Continue reading »
The recent draft regulations issued by Treasury to require SMSF trustees to value assets each year at their net market value (NMV) seems a logical step to ensure members have current and accurate information about their account balances, along with providing more useful and reliable data for comparisons across the superannuation sector. This recommendation, whilst good in … Continue reading »
The contribution cap reduction from 1 July 2012 for those over 50 has certainly been a ‘kick in the guts’ for many people who were at a stage in life where they have a capacity to build their retirement savings. A strategy that has grown each year since its introduction on 1 July 2005, has … Continue reading »
The Super System Review submitted to Government back on 30 June 2010 made several recommendations to improve the operation and regulation of the self managed super fund sector. Many of these recommendations were accepted by Government and formed part of the Stronger Super reforms to take effect from 1 July 2012. We have now seen … Continue reading »