Why staple $5 to your new SMSF?
Professionals / SMSF / SMSF Compliance

Why staple $5 to your new SMSF?

Changes to the Australian Business Registry (ABR) registration process from 1 January 2015 has seen the Australian Taxation Office introduce new questions to ensure that an SMSF trust is first created prior to its registration with the Regulator. A super fund is a special type of trust – that is, it is required to be set … Continue reading »

Good to Great – Creating a great SMSF business
Opinion / Professionals / SMSF / SMSF Business Model

Good to Great – Creating a great SMSF business

I love going to events outside of my industry to not only improve myself, but to also look at what I can apply back into an SMSF sector than is fast becoming its own profession.  When I heard that this year’s Growth Summit event was to include the legendary Jim Collins, along with Verne Harnish … Continue reading »

Government’s open mind could see LRBAs survive?
Limited Recourse Borrowing Arrangements / Professionals / SMSF

Government’s open mind could see LRBAs survive?

At last week’s SMSF Association (formerly SPAA) national conference, we saw the Government respond for the first time on the Financial System’s Inquiry recommendation to ban limited recourse borrowing arrangements (LRBAs).  The Assistant Treasurer, Josh Frydenberg indicated that the Government will consult with an ‘open mind’ on what is a highly sensitive issue with the SMSF … 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 »

ATO takes aim at non-commercial LRBAs
Limited Recourse Borrowing Arrangements / Professionals / SMSF

ATO takes aim at non-commercial LRBAs

The release of the much awaited interpretative decisions, ATOID 2014/39 and ATOID 2014/40 regarding non-commercial limited recourse borrowing arrangements, has provided important insights into the key elements of what the Commissioner views as non-arm’s length income (NALI) for the purposes of section 295-550 of the Income Tax Assessment Act 1997 (ITAA 1997).  Following the release of … 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 »

Is your SMSF a resident fund?
SMSF

Is your SMSF a resident fund?

We live in a smaller world – a world that includes a far more globalised workforce and people willing to travel further and for longer periods of time.  This opportunity to travel can however present some important items that SMSF trustees need to more closely consider regarding the residency status of their fund. This was … Continue reading »

Current day benefits have no place in retirement
SMSF / SMSF Compliance / Trustee education

Current day benefits have no place in retirement

A recent Federal Court decision of the Deputy Commissioner of Taxation (Superannuation) v Graham Family Superannuation Pty Limited [2014] FCA 1101 is a timely reminder for SMSF trustees to understand the importance of their trustee responsibilities, in particular the sole purpose test. In this case, the Graham Family Superannuation Fund (‘SMSF’) made 80 loans to members totaling … Continue reading »

The end of the road for leverage inside super?
Government / Limited Recourse Borrowing Arrangements / SMSF

The end of the road for leverage inside super?

It appears abundantly clear from the FSI panel and a range of submissions including the Reserve Bank and Big 4 banks that the days are coming to a close for the use of leverage inside super.  You only need to look at the default position of the panel into the FSI interim report to understand that they … Continue reading »

Is leverage a good thing within superannuation?
Limited Recourse Borrowing Arrangements / Opinion / SMSF

Is leverage a good thing within superannuation?

One of the most vocal aspects of the FSI interim report has been the use of leverage within superannuation.  It is a debate that has raged since the recommendation from the Super System Review (Cooper Review) to review leverage inside superannuation approximately two years following the final report.  Earlier this year at the SPAA National conference, … Continue reading »