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 »

Announcements / ATO / Professionals / SMSF / SMSF Compliance / SMSF Strategy / Webinars

WEBINAR: SMSF Quarterly Wrap

Keep up-to-date with the latest technical and regulatory issues impacting self-managed super funds with the “SMSF Quarterly Wrap”. The last three months has seen a range of important information or changes impacting SMSFs including: The ATO releasing their compliance program and key target areas for SMSFs; new requirements for SMSF trustees from 1 July 2012 … Continue reading »

ATO / Investments / Professionals / SMSF / SMSF Compliance

New valuation guidelines for SMSF assets

The past week has seen legislation finalised regarding SMSFs requiring assets to be valued to their “market value” each income year, plus the release of valuation guidelines for SMSFs by the Australian Taxation Office.  The Stronger Super reforms originally recommended these changes to value assets to their “net market value” to better reflect the member’s … Continue reading »

Announcements / ATO / Contributions / Professionals / SMSF / SMSF Compliance

Stronger Super reforms for SMSFs delayed to 1 July 2013

Well… it’s finally official.  The ability to undertake off market transfers of listed shares into SMSFs can continue until 1 July 2013.  This Stronger Super recommendation amongst several others has not commenced at 1 July 2012 as expected, with Treasury still working through some significant roadblocks around market manipulation rules contained within the Corporations Act … Continue reading »

Investments / Opinion / Professionals / SMSF / SMSF Compliance

Net Market Value to provide problems for SMSFs

The recent draft regulations issued by Treasury to require SMSF trustees to value assets each year at their net market value (NMV) seems a logical step to ensure members have current and accurate information about their account balances, along with providing more useful and reliable data for comparisons across the superannuation sector. This recommendation, whilst good in … Continue reading »

Announcements / SMSF / SMSF Compliance / Trustee education

Exposure draft released on consideration of Insurance, Separation of Assets and Valuation of Assets at Net Market Value for SMSFs

The Super System Review submitted to Government back on 30 June 2010 made several recommendations to improve the operation and regulation of the self managed super fund sector. Many of these recommendations were accepted by Government and formed part of the Stronger Super reforms to take effect from 1 July 2012.  We have now seen … Continue reading »

SMSF

Latest SMSF statistical report highlights growth but also the need to greater reform

As we progress (albeit slowly) towards industry reforms with the superannuation sector, it is somewhat timely that the Australian Taxation Office has released their latest statistical overview of the SMSF industry, providing details of the 2009-10 financial year.  This statistical report now in its third year of data was first published as part of the Super … Continue reading »

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

Reflecting on SMSFs in 2011

As the 2011 year comes to a close, it’s a time to ponder where the SMSF industry has come from in the last 12 months and also where it is heading… This time last year, we had just seen the Government’s response to the Cooper Review, with many of these reforms now only 6 months … Continue reading »

ATO / Professionals / SMSF / SMSF Compliance / Statistics

New ATO Statistical Overview released… good for the industry, but more to be done

As previously announced over a month ago on thedunnthing blog, the Australian Taxation Office has yesterday released an updated statistical overview into Self Managed Super Funds for the 2008-09 financial year. This report is an update to the Statistical Summary prepared on the request of Jeremy Cooper, Chair of the Super System Review.  He used … Continue reading »

Announcements / ATO / Professionals / SMSF / SMSF Compliance / Trustee education

ATO about to release update to Cooper's Statistical Summary into SMSFs

The statistical summary into Self Managed Super Funds commissioned by Jeremy Cooper as part of Phase Three of the Super System Review in December 2009 has been widely recognised as one of the most valuable tools and insights into the SMSF sector ever produced.  This publication not only showed the industry to be in fairly … Continue reading »