Changes for the 2014 SMSF Annual Return
Professionals / SMSF / SMSF Compliance

Changes for the 2014 SMSF Annual Return

The Australian Taxation Office (ATO) has released the 2014 SMSF Annual Return, which include some important changes for trustees and professionals to note from the previous income year. SMSF Supervisory levy For the first time we will see trustees pay a supervisory levy within the SMSF Annual Return based on the year of operation, rather than in … Continue reading »

What is the biggest challenge in growing your SMSF business?
Professionals / SMSF / Technology

What is the biggest challenge in growing your SMSF business?

It is sometimes the simple questions that get the best response… and the Future of SMSF webinar I held yesterday was a testament to that. In discussing the substantial changes impacting the SMSF industry – from regulatory reforms, technology advancements and a changing dynamic of the SMSF population, I posed a very simple question in our feedback survey: … 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 »

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 »

SMSF anti-detriment reserving strategy reborn?
Estate Planning / SMSF / SMSF Strategy

SMSF anti-detriment reserving strategy reborn?

The changes to excess concessional contributions from 1 July 2013 have certainly been a popular outcome for both professionals and individuals who have endured ECT breaches due to the ever-changing contribution caps. As is typically the case, legislative change opens new strategy doors, or in some instances, re-opens once popular strategies.  This is certainly the … Continue reading »

How might the new Government affect SMSFs?
Professionals / SMSF / Trustee education

How might the new Government affect SMSFs?

So, Australia is open for business again… What does the Coalition Government intend to do with Australia’s superannuation system?  I have included below, the Coalition Government’s plan for superannuation.  Most pertinent is the comment “…there will be no negative, unexpected changes occur in the superannuation system, so Australians can retire with confidence.”  We shall watch … Continue reading »

7 things to remember with excess concessional contributions reforms
ATO / Contributions / Professionals / SMSF / SMSF Compliance

7 things to remember with excess concessional contributions reforms

Let’s be honest, excess contributions tax has been a pain in the (you know what)… For every genuine case of individual’s breaching their concessional contribution cap, there has been a story of inadvertent breaches due to the timing and reporting of contributions. The decision by the Government to simply refund excess concessional contributions tax from … Continue reading »

An election that can provide a better alternative
Pensions / Professionals / SMSF / SMSF Strategy

An election that can provide a better alternative

  Whilst we await the upcoming Federal election, an important election of a pension kind was confirmed as a result of the Commissioner’s final views as to when a pension commences and ceases. The ruling outlined circumstances that where a member wishes to partially commute their pension, a payment made as a result of the … Continue reading »

Do you really have segregated pension assets?
Pensions / Professionals / SMSF

Do you really have segregated pension assets?

With the growing number of funds paying income streams, the ATO has certainly turned its attention to the issues surrounding the tax exemption available for complying super funds. There are two methods that can be applied when applying tax exemption.  The first is taking a pooled approach to fund assets, where an actuarial tax certificate … Continue reading »

Has your minimum pension increased by 86% for the financial year?
Pensions / SMSF / SMSF Compliance / Trustee education

Has your minimum pension increased by 86% for the financial year?

Whilst much of the attention has focused on superannuation reforms in recent times, 1 July 2013 has seen the re-introduction of the ‘normal’ minimum pension levels for those drawing income streams.  For five years throughout the global financial crisis (GFC), the Government provided much-needed relief for pensioners with a 50% reduction initially in the minimum … Continue reading »