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 Podcast Show – Episode #10
Podcasts / SMSF

SMSF Podcast Show – Episode #10

Welcome back to the SMSF Podcast Show for 2014! The past 12 months have seen a continued transformation of the SMSF sector, with a range of reform measures impacting both trustees and professionals alike.  The year ahead presents some significant opportunities for the industry to continue to mature and stand as a profession in its … Continue reading »

Dividend washing strategy hung out to dry
SMSF

Dividend washing strategy hung out to dry

Double franking credits from dividends in listed Australian companies sounds to go to be true? Well, that’s certainly what the Australian Taxation Office (ATO) now thinks having issued draft tax determination, TD 2014/D1, which considers the application of Part IVA to such dividend washing schemes.  In formulating the draft determination, the Commissioner has indicated by … Continue reading »

Is SMSFs the disruption the super industry had to have?
Opinion / SMSF

Is SMSFs the disruption the super industry had to have?

In the past few days we’ve seen commentary from the ‘other side of the fence’ about the supposed perceived risks of the SMSF sector, including union heavyweight Paul Howes (National Secretary of the AWU) chiming in with an article in the Australian Financial Review (AFR) about the ‘heady mix of super and property’.  This was … Continue reading »

A Merry Christmas to you…
Opinion / SMSF

A Merry Christmas to you…

Wish you all the very best for the festive season! Tis’ the season to be jolly, however doesn’t the Christmas period always have a way of increasing the stress levels! Well, what a year it has been for self-managed super funds… we’ve seen changes with concessional contribution caps, excess contributions tax reforms, proposed measures to … Continue reading »

Government provides green light for ATO administrative penalty powers
Federal Budget / SMSF / SMSF Compliance

Government provides green light for ATO administrative penalty powers

It’s not often that the introduction of a new penalty regime is so well supported by industry, as was the case when the ATO was to be granted additional powers to apply administrative penalties on SMSF trustees.  These measures were to introduce a tiered penalty regime on various superannuation compliance breaches and extended through to … Continue reading »

In-house asset problem solved for LRBAs
ATO / Limited Recourse Borrowing Arrangements / SMSF

In-house asset problem solved for LRBAs

An unresolved area for Limited Recourse Borrowing Arrangements (LRBAs) has been the application of the in-house asset rules, in particular once the SMSF loan had been repaid.  It has been the view of the ATO for some time through discussions via the NTLG Super technical sub-group that the exception in section 71(8) of the SIS … Continue reading »

SMSF Podcast Show – Episode #9
Podcasts / SMSF / Technology

SMSF Podcast Show – Episode #9

Technology as an ‘enabler’ is rapidly changing the compliance landscape for SMSF professionals and is redefining how professionals charge for SMSF compliance-related services.  Research suggests that over the next 2-3 years as much as one-third of professional services revenue, predominantly compliance-related activity could disappear as a result of these technology advancements.  So, it is becoming … Continue reading »