Category Archive for "Trustees"

Unused Concessional Contribution Cap Carry Forward Provisions

August 4, 2020
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The first opportunity members of super funds have to make use of this new provision, is the 2019/20 financial year. Here are the rules: To access potential unused concessional contributions from prior years, you must have a total super balance…

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COVID-19 – Providing rental relief for the tenant in my SMSF property

April 6, 2020
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The economic impacts of the COVID-19 crisis are causing significant financial distress for many businesses and individuals. If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief…

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COVID-19 – The Government’s economic stimulus packages explained

April 5, 2020
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Over the past two weeks the Government has announced two economic stimulus packages to cushion the economic impact of the Coronavirus. A total of $189 billion is being injected into the economy by all arms of Government in order to…

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SMSFs & Dividend Stripping Schemes – TA 2015/1

September 29, 2016
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In early 2015, the ATO raised concerns regarding certain private company investments made by Self Managed Superannuation Funds (SMSFs) via Taxpayer Alert 2015/1.  This taxpayer alert describes arrangements whereby an SMSF intentionally invests in a private company with large accumulated…

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Business Real Property Fit-outs ~ where to draw the line

A strategy which is widely employed by self managed super funds is for the fund to acquire business real property and to then lease it back to a related party business.  Often part of this process will involve the fund…

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Auditor insights: Market Valuations within SMSFs

July 27, 2016
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To some degree there have always been scenarios where SMSF trustees have been forced to present their annual accounts using a market valuation for all assets.  For example, if a fund is in pension phase market valuation is required so…

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The Rise of the Semi-Related Investment Trust

July 11, 2016
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Whilst reviewing several thousand SMSFs ever year it is common for our auditing team to see trends in both investments and superannuation strategies.  One such trend that has been available since the inception of ‘DIY funds’ but seems to have…

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ATO false non-compliance notices

March 31, 2016
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It has come to our attention that a system error within the ATO is causing the status of many SMSF’s to be changed to be “non-complying” on Superfund Lookup. This as you can imagine, has caused a great deal of…

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FAQ: My wife and I share a SMSF with our Australian resident children. We plan to move overseas indefinitely. Can we still be members of our SMSF?

September 7, 2015
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It is possible to remain a member of your SMSF, however there are certain requirements that would need to be met in order to meet the superannuation rules. A full picture of SMSF residency issues can be found in the…

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A twist to the LRBA tale

A twist to the LRBA tale

September 1, 2015
admin

When is a borrowing not a borrowing? According to SMSFR 2009/2 the answer is when it is merely a “financial accommodation”. I know it sounds like a bad joke that a bunch of lawyers might chuckle over after having had…

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