How does the Budget repair levy affect super?
Contributions / Federal Budget / Professionals / SMSF

How does the Budget repair levy affect super?

As the pain of the Federal Budget starts to set in, the Budget Repair Levy looms large not just for individuals on the top marginal tax rate, but it will also have an impact on superannuation rates that are linked to this highest tax rate. With the Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair … Continue reading »

How will refunding of excess non-concessional contributions work?
ATO / Contributions / SMSF / SMSF Compliance

How will refunding of excess non-concessional contributions work?

Whilst the issues of excess non-concessional contributions have not been anywhere near as extensive as concessional contributions, regular problems have existed for individuals who were subject to a punitive tax at the top marginal tax rate for breaches of this post-tax contributions cap. In the Federal Budget, the Government announced that it will allow for … Continue reading »

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 »

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 »

Promise (mostly) kept for Super in Federal Budget
Federal Budget / Pensions / Professionals / SMSF / Trustee education

Promise (mostly) kept for Super in Federal Budget

It was a commitment made by both sides of Government in the lead up to the last Federal election that superannuation would no longer be a political ‘football’.  Over many Federal budgets we saw Governments constantly tinkering with taxation rates, contributions levels and more.  The message became loud and clear from industry, working and retired … 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 »

Be a part of something big
Announcements / Professionals / SMSF

Be a part of something big

I’m quite passionate about the SMSF industry.  When I started as an accountant more than 17 years ago, I fell into the SMSF industry as a young graduate preparing accounts for excluded funds (pre-ATO days for those that remember).  I had no idea what they were and certainly no inkling of what the industry would look like today.  … Continue reading »

Are you ready for the future of SMSF?
Announcements / Professionals / SMSF / Webinars

Are you ready for the future of SMSF?

Having surpassed some magical milestones throughout 2013 the SMSF industry continues to grow and evolve into a mature sector.  Now having passed 500,000 funds, $500 billion of total assets and over a million SMSF members, it is not only exciting to have been a part of the journey to date, but also where it is … Continue reading »

Related party lenders beware! ATO signals warning on zero interest SMSF loans
Limited Recourse Borrowing Arrangements / Professionals / SMSF / SMSF Compliance

Related party lenders beware! ATO signals warning on zero interest SMSF loans

The interest in the concept of 0% interest loans to undertake a limited recourse borrowing arrangement (LRBA) evolved following the ATO’s initial views on the subject through the now disbanded NTLG Superannuation Technical sub-group.  These views initially expressed alluded to acceptance that a zero or low-interest rate loan through a LRBA did not breach any … Continue reading »

Can a SMSF segregate in pension phase with one bank account?
Pensions / Professionals / SMSF / SMSF Compliance

Can a SMSF segregate in pension phase with one bank account?

As a growing number of SMSF members begin to draw down retirement income streams, one of the important considerations is the decision to segregate specific assets to support the pension or simply remain in a pooled environment and obtain an actuarial tax certificate to support the amount of exempt current pension income (ECPI).  Where a … Continue reading »