With the annual compliance requirements for the 2010/11 financial year in full swing for SMSF trustees, it is an important reminder to ensure that fund information is being correctly reported to the ATO. The ATO in their most recent newsletter (Edition 18) provided hints for trustees and tax agents in preparing SMSF Annual Returns. It … Continue reading »
Tag Archives: exempt pension income
What happens with excess pension payments?
Much of the focus in obtaining tax exemption within a SMSF is to ensure that a member’s minimum pension has been met prior to 30 June each year. Where the minimum pension has not been met, the fund is not entitled to tax exemption on income generated by assets supporting the pension account (see article, … Continue reading »
Applying the blowtorch to non-compliance
The past fortnight has seen two presentations by senior representatives of the Australian Taxation Office (“ATO”) to the SMSF industry. These presentations have shed light for trustees and the profession as to some of the key concerns and target areas to ensure ongoing compliance within the SMSF sector. I recently presented at the SISFA Forums in Brisbane … Continue reading »
SMSFs and the ATO's compliance focus for 2010/11
The ATO has recently released their 2010/11 Compliance Program which provides guidance on activities that present the greatest compliance risks for the financial year. For SMSFs, this compliance activity not only considers the complying status of SMSFs and Fund Trustees, but also service providers including Approved Auditors and Tax Agents. It is expected for the … Continue reading »