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 are your thoughts on the SMSF Annual Return?
ATO / Professionals / SMSF / SMSF Compliance

What are your thoughts on the SMSF Annual Return?

The Australian Taxation Office (ATO) is undertaking a review of the SMSF Annual Return and all associated products to help determine if there is something that they could be doing better to assist the self-managed super fund industry. This provides an opportunity for professionals (and self-preparers) of the SMSF Annual Return to provide valuable feedback … Continue reading »

Changes to the 2013 SMSF Annual Return
ATO / Professionals / SMSF / SMSF Compliance / Trustee education

Changes to the 2013 SMSF Annual Return

The Australian Taxation Office (ATO) has recently announced some changes to the 2013 SMSF Annual Return.  Much of this updated information is targeted to gain a better understanding of some of the higher risk areas around regulation of SMSFs including: methodology of exempt current pension income calculations deductible and non-deductible expenses, which outline a more … Continue reading »

Audit / Professionals / SMSF / SMSF Compliance / Trustee education

Greater enforcement to rectify contraventions a key part of the new SMSF landscape

The powers provided to the Australian Taxation Office (ATO) to deal with issues of non-compliance by SMSF trustees has been reasonably inadequate, something that was acknowledged by the Cooper Review Panel as part of the Super System Review.  The ATO in many respects had been known to have two options in dealing with trustee contraventions: … Continue reading »

ATO / Contributions / Limited Recourse Borrowing Arrangements / Pensions / SMSF / SMSF Compliance / Trustee education

12 things NOT to do with your SMSF

The ability to take control of your retirement savings is a key driver in the continued growth of SMSFs.  However, being a trustee comes with responsibility to ensure that your fund meets strict regulatory and compliance obligations.  Failure to meet these can result in significant penalties, along with the potential loss of the fund’s complying … Continue reading »

ATO / Professionals / SMSF / SMSF Compliance / Trustee education

Hints for preparing 2011 SMSF Annual Returns

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 »

SMSF / SMSF Compliance / Trustee education

Understanding your roles and responsibilities as a SMSF trustee

The ability to take control of your retirement has been the driving factor in the continuing growth of self-managed super funds.  They are a great way to provide for your retirement, but it is important to understand that with this greater control comes an increased responsibility as a trustee of your fund. The ultimate responsibility … Continue reading »

Professionals / SMSF / SMSF Compliance / Trustee education

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 »

SMSF Compliance

How to effectively wind up a SMSF

The growing number of SMSFs always tends to grab the headlines, with nearly 6,000 new registered SMSFs in the September 2009 quarter (31,929 for the financial year to June 2009).  But what about those people who wish to wind up their SMSF?  There are 3,550 wind ups to June 2009, which would have been a … Continue reading »