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 »

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 »

Falling short on your pension payments
ATO / Pensions / Professionals / SMSF / SMSF Compliance

Falling short on your pension payments

Forgetting to take the minimum pension is one of the cardinal sins when it comes to operating your self managed super fund.  This issue was highlighted within draft tax ruling, TR 2011/D3 where the Commissioner states that failure to meet the minimum will mean the fund is not entitled to tax exemption on the income … 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 »

Limited Recourse Borrowing Arrangements / Opinion / Professionals / SMSF / SMSF Compliance

Have SMSFs become the target of property spruikers?

I read with great interest recently in the Australian newspaper, an article titled “Setting up an SMSF to buy property a risky strategy” (13 November 2012) regarding ASIC commissioners Peter Kell and Greg Tanzer focusing a taskforce on aggressive marketing of speculative property developments with SMSF limited recourse borrowing arrangements. Whilst there appears to be a lot … Continue reading »

Announcements / Professionals / SMSF / SMSF Compliance / SMSF Strategy / Webinars

Join me for the SMSF Quarterly Wrap webinar

Join me for the next SMSF Quarterly Wrap webinar, where in this one hour session I will be discussing at the latest technical and regulatory issues impacting self managed super funds. The last quarter has been another busy one for SMSFs with changes announced from the Mid-Year Economic & Fiscal Outlook (MYEFO), in particular around … 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 / Professionals / SMSF / SMSF Compliance / Trustee education

Mid Year outlook outlines an increase to the SMSF Supervisory levy

The Mid-Year Economic & Fiscal Outlook (MYEFO) released today has seen the Government announce a further increase to the SMSF Supervisory levy to $259 for the 2013-14 financial year.  Having seen progressive increases in the supervisory levy since the introduction of the Simpler Super reforms from 1 July 2007, this jump represents the largest increase … Continue reading »