Joe, what’s the cost of regulating the SMSF sector?
ATO / Federal Budget / Government / SMSF / SMSF Compliance / Trustee education

Joe, what’s the cost of regulating the SMSF sector?

We must be a patient bunch within the SMSF sector… it was some time ago now that the Federal Government decided not to proceed with a range of key measures that justified the increase in the SMSF Supervisory levy from $191 to $259.  Not only was there a significant increase in the SMSF levy to … Continue reading »

10 big things from the ATO SMSF statistics
ATO / SMSF / Statistics

10 big things from the ATO SMSF statistics

The annual statistical overview of the SMSF sector each year paints an interesting picture of the dynamics of an ever-growing industry.  In December 2014, the Australian Taxation Office (ATO) published the 2012-13 statistical report.  I have outlined below 10 interesting SMSF statistics from the report that shed important light about both trustees and professionals within the … Continue reading »

Can I keep my SMSF records in electronic format?
ATO / Professionals / SMSF / SMSF Compliance / Trustee education

Can I keep my SMSF records in electronic format?

In today’s digital world, the use of electronic storage for photos, documents, and other important content is very common.  Superannuation law requires SMSFs trustees to keep accurate SMSF records for specified time periods. Through the use of electronic storage, it can be not only more convenient, but can reduce the cost of maintaining these records.  To enable SMSFs to take … Continue reading »

What’s currently on the ATO radar?
ATO / SMSF / SMSF Compliance

What’s currently on the ATO radar?

The ATO’s recent release of its corporate plan for 2014-18 provides some important insights into the Commissioner’s approach towards regulation of the SMSF sector and superannuation more broadly.  Built around six key strategy areas, the ATO’s intentions are clear: To build a culture that embodies the ATO’s values and transforms the client experience; To simply interactions, … Continue reading »

How will refunding of excess non-concessional contributions work?
ATO / Contributions / SMSF / SMSF Compliance

How will refunding of excess non-concessional contributions work?

Whilst the issues of excess non-concessional contributions have not been anywhere near as extensive as concessional contributions, regular problems have existed for individuals who were subject to a punitive tax at the top marginal tax rate for breaches of this post-tax contributions cap. In the Federal Budget, the Government announced that it will allow for … Continue reading »

FREE ATO WEBINAR – ATO’s compliance approach and treatments for SMSF trustees
Announcements / ATO / Professionals / SMSF / SMSF Compliance / Webinars

FREE ATO WEBINAR – ATO’s compliance approach and treatments for SMSF trustees

The Australian Taxation Office (ATO) will be running a free webinar program over three weeks from 10 to 27 June 2014 for self-managed super fund auditors, tax agents and other superannuation professionals.  These ATO webinars focus on the Regulator’s SMSF compliance approach, as well as the new compliance treatments for SMSF trustees which will come into effect … Continue reading »

VIDEO: Understanding your compliance obligations
ATO / Trustee education

VIDEO: Understanding your compliance obligations

It’s great to see the Australian Taxation Office (ATO) using digital platforms to better engage with SMSF trustees and industry stakeholders around a fund’s compliance obligations.  Following on from a highly successful LinkedIn discussion group for SMSF Professionals a couple of weeks ago, we have now seen the ATO launch videos around the sole purpose … Continue reading »

Is your SMSF SuperStream ready?
ATO / SMSF / SMSF Compliance / Technology

Is your SMSF SuperStream ready?

The new standard for rollovers and contributions to SMSFs are now starting to loom large for many trustees who will need to be SuperStream ‘ready’ to adopt the new data and e-commerce standard from 1 July 2014.  It is expected that these measures could impact as many as 100,000 SMSFs from 1 July, as all … Continue reading »

In-house asset problem solved for LRBAs
ATO / Limited Recourse Borrowing Arrangements / SMSF

In-house asset problem solved for LRBAs

An unresolved area for Limited Recourse Borrowing Arrangements (LRBAs) has been the application of the in-house asset rules, in particular once the SMSF loan had been repaid.  It has been the view of the ATO for some time through discussions via the NTLG Super technical sub-group that the exception in section 71(8) of the SIS … Continue reading »

ATO withdraws draft tax determination on pension segregation
ATO / Pensions

ATO withdraws draft tax determination on pension segregation

The Australian Taxation Office has today announced the withdrawal of draft tax determination, TD 2013/D7, which provided circumstances of where an asset of a complying superannuation fund are segregated current pension asset under section 295-385 of the Income Tax Assessment Act 1997. The ruling explained the Commissioner’s preliminary view about when an asset of a … Continue reading »