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 »

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 »

Now that my SMSF loan is repaid
Limited Recourse Borrowing Arrangements / SMSF / SMSF Compliance

Now that my SMSF loan is repaid

The announcement by the Australian Taxation Office (ATO) to draft a legislative instrument to deal with various In-House Asset (IHA) issues with limited recourse borrowing arrangements (LRBAs) was a logical and overdue step.  It has been a view held for quite some time by the ATO, that the exemption in section 71(8) of the SIS … Continue reading »

Commissioner finalises ruling on when a pension commences and ceases
ATO / Pensions / Professionals / SMSF / SMSF Compliance

Commissioner finalises ruling on when a pension commences and ceases

It’s been a marathon, not a sprint when coming to the finalisation of TR 2013/5, which explains the Commissioner’s views from an income tax perspective about when a pension commences and ceases.  After the issuing of the draft ruling in July 2011, the industry has waited (and waited) to resolve a range of important issues … Continue reading »

What lies ahead for SMSFs in 2013?
Contributions / Limited Recourse Borrowing Arrangements / Pensions / Professionals / SMSF Compliance / SMSF Strategy

What lies ahead for SMSFs in 2013?

A Happy New Year to all my readers… With the SMSF industry growing strongly, 2013 is likely to provide one of the most challenging and competitive (yet rewarding) periods for SMSF professionals. The year ahead will require practitioners to ‘step-up to the plate’ and be ready for many of the reforms that will reshape the … Continue reading »

Prevailing market conditions can pose problems in acquiring shares using LRBAs
ATO / Limited Recourse Borrowing Arrangements / Professionals / SMSF / SMSF Compliance

Prevailing market conditions can pose problems in acquiring shares using LRBAs

Whilst most of the attention with limited recourse borrowing arrangements (LRBAs) has centred around property transactions, there has been a need to clarify a range of issues on other acquirable assets, in particular assets allowable as a collection of identical assets under the definition of a single acquirable asset (SAA). It’s not uncommon when placing an … Continue reading »

The ASIC game-changer for SMSF auditors
ATO / Audit / Professionals / SMSF / SMSF Compliance / Trustee education

The ASIC game-changer for SMSF auditors

The next few months starts a transformation for more than 12,000 SMSF auditors, with ASIC registration to open to become an Approved SMSF Auditor.  This registration is mandatory for all SMSF auditors to continue to conduct self managed super fund audits post 1 July 2013. With about 50% of the SMSF auditors currently auditing 10 … Continue reading »

ATO / Investments / Limited Recourse Borrowing Arrangements / Professionals / SMSF / SMSF Strategy / Trustee education

Alarms bells ringing with ATO around property investing in SMSFs

After only just discussing the regulatory focus by ASIC on SMSFs and property investments, we have seen further regulatory “alarm bells” ringing through the ATO’s release of taxpayer alert, TA 2012/7.  A Taxpayer Alert is an “early warning” of significant new and emerging higher risk tax and superannuation planning issues or arrangements that the ATO … Continue reading »

Opinion / Professionals / SMSF

The truth about SMSFs being mis-sold

I’m pretty passionate about defending the SMSF industry (maybe I’m biased), but it makes my blood boil when representatives from the ‘other side of the fence’ take a few cheap shots at self managed super funds with very little supported data (or none at all).  I’m referring to an article I read in Money Management yesterday prepared … Continue reading »

ATO / Audit / Professionals / SMSF / SMSF Compliance / Trustee education

Liar liar pants on fire…

Financial distress can cloud an individual’s judgement and recent AAT case has highlighted that telling “porky pies” isn’t going to win any favours with the Commissioner of Taxation. The case of Sinclair and the Commissioner of Taxation was an appeal by the taxpayer as to the assessability of an illegal early release amount from BT rolled … Continue reading »