Check your auditor’s bona fides, regulator urges

The Australian Securities and Investments Commission has issued a reminder to trustees of self-managed super funds that they should check that their auditor is registered and whether there are any conditions on the registrations. ASIC’s advice comes in the wake…

Kavanagh

The Australian Securities and Investments Commission started a heated debate last October, when it issued an SMSF fact sheet. The controversy continues. ASIC said running an SMSF was relatively expensive and time consumer, and $500,000 was an appropriate minimum balance…

ATO issues GST reminder

The Australian Taxation Office has issued a reminder to SMSF trustees that they have a GST withholding obligation if they purchase new residential property. They need to make sure they have done all the paperwork. The ATO says purchasers who…

Transfer balance cap change ahead

The Australian Taxation Office (ATO) is alerting superannuation trustees to plan for a number of changes in regard to the indexation of the general transfer balance cap, which will be particularly important for SMSF trustees. The transfer balance cap is…

Alternative investments not for the faint hearted

Self-managed super fund trustees have typically been vanilla investors. As the ATO statistics show, Australian shares, cash and fixed deposits, and property still comprise the bulk of their investments at about two-thirds of the $750 billion in these superannuation funds.…

AAT case sheds light on NALI rules

The question of whether the payment of dividends to a self-managed super fund from a private company was a non-arm’s length transaction involved more than a consideration of the relative amount of dividends paid. It also involved a consideration of…

The great SMSF fee debate

ASIC has launched a campaign warning self-managed super fund trustees of the high costs and risks associated with having an SMSF. There has been a huge response, most of it negative. ASIC’s latest fact sheet estimates that the average cost…

ATO warns on early release

In the wake of the jailing of an operator of an illegal early release of superannuation scheme, the Australian Taxation Office has issued a warning to self-managed fund trustees to make sure they only release money from their fund when…

ATO keeps up the pressure on SMSF compliance

Around 3500 self-managed super fund trustees have been disqualified over the past 20 years by the Australian Taxation Office, which says it is using increasingly sophisticated data and intelligence to monitor compliance. The ATO marked the anniversary of 20 years…