Following some industry confusion, the ATO has provided clarity on the necessary steps an SMSF trustee must undertake when they have failed to meet the minimum payment for a pension. Where a super fund has failed the minimum pension payment, the ATO says the pension has then ceased, the exemptions are lost for the entire...Read More

Your clients, as Trustees, either individual or corporate trustees, since 1 July 2007 have declared to the ATO https://www.ato.gov.au/uploadedFiles/Content/SPR/Forms/Trustee%20declaration_SPR_n71089_19272.pdf I am responsible for ensuring that the fund complies with the Superannuation Industry (Supervision) Act 1993 (SISA) and other relevant legislation. The Commissioner of Taxation (the Commissioner) has the authority and responsibility for administering the legislation and...Read More

Having a challenge in maximising the balance in your clients SMSF? Handicapped by the reduced contribution caps, consider a loan of your client non smsf assets into the SMSF. Is a LRBA structure suitable for your clients? To establish a LRBA for your clients SMSF, an Accountant is required to make a recommendation that it...Read More

To establish a pension for your clients, an Accountant is required to make a recommendation that it is in the clients best interest, supported by a Statement of Advice.  SMSF Works has released a “is pension right for your client analytic tool”.  The analytic tool takes into account your clients personal circumstances in assessing and...Read More

To establish a SMSF for your clients, an Accountant is required to make a recommendation that it is in the clients best interest, supported by a Statement of Advice.  SMSF Works has released a “is an SMSF right for your client analytic tool”.  The analytic tool takes into account your clients personal circumstances in assessing...Read More

The SMSF Documentation and administration industry is becoming more regulated, the reliance on the Accountants Exemption has been removed from 1 July 2016.  A key focus is from ASIC in providing advice and ATO on compliance for both Trustees and Auditors. Accountants continue to be exempt to provide Business Advice 7.1.29 (3)(c) and Taxation Advice...Read More

Australia’s Accounting bodies recommend that Accountants have four options in response to the removal of the Accountants Exemption. Refer your client to a licenced party (SMSF Works) Become an Authorised Representative of a licenced party (SMSF Works) Become licenced in your own right (SMSF Works has done this) Recruit / Joint Venture with a Licenced...Read More

An update from the ATO has confirmed that the proposed new penalty regime will proceed. On 14 December 2013 the government announced that it will proceed with law changes that give the ATO greater powers in dealing with SMSF trustees who breach super law. It is proposed that these new powers will apply to contraventions...Read More

The ATO has announced the key superannuation rates and thresholds for 2014/15, in line with average weekly ordinary time earnings (AWOTE). Key Points Concessional contributions cap – $30,000 (up from $25,000) Non-concessional contributions cap – $180,000 (up from $150,000) Non-concessional bring-forward cap (3 year rule) – $540,000 (up from $450,000) Concessional Contributions Caps The standard...Read More

The ATO has released a news alert which clarifies a number of the uncertainties surrounding pensions that are deemed not to have existed in a year in which the SIS standards were not met. Once an account based pension commences, there is an ongoing requirement for the trustee to ensure the minimum pension standards in the SIS...Read More