SMSF
Clients warned over clearing house processing time frame
With contributions taking up to 10 days to reach a super fund when processed through a superannuation clearing house, clients may want to look for alternative ways of get...
New tax return label to risk-profile SMSFs, says ATO
The ATO says the new label in the SMSF annual return relating to Part A of the audit report will be used to build a more complete risk profile of the SMSF population.
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‘Diabolical’ pensions trap flagged for EOFY
As 30 June approaches, accountants with SMSF clients should be wary of minimum pension payment requirements, particularly for reversionary pensions.
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Accountants warned on TBAR headache
With different SMSF administration software providers each issuing their own member codes and identifiers, the ATO may have difficulty matching separate events where an e...
New label on 2019 SMSF returns flagged for agents
Tax agents will have to pay attention to a new label on 2019 SMSF annual returns requiring them to identify whether Part A of the fund’s audit report was qualified, say...
Insurance liability risks highlighted for practitioners
Accountants outside the AFSL regime need to disclaim their position very carefully when helping clients meet the requirements under regulation 4.09; otherwise, they could...
SMSFs cautioned on Division 7A amendments
The proposed changes to Division 7A, relating to loans by private companies, will impact certain types of related party loans held by SMSFs which will need to be managed ...
Admin penalties for super contraventions to spike under Labor
The federal opposition will increase penalty units by $90, meaning SMSF trustees will receive higher administrative penalties in the event of a contravention.
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Wave of last-minute SMSF lodgements set for this week
Figures from the Tax Office indicate that 60 per cent of SMSFs had lodged their returns last week, leaving the remaining 40 per cent to lodge in the week before deadline....
ATO set to notify SMSF clients over ‘protecting your super’ changes
SMSF clients with inactive retail or industry funds are set to be notified by the ATO when it starts consolidating accounts in the fourth quarter this year.
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Tax Office reveals disqualified trustees register
The ATO has now published a list of 2,862 disqualified trustees to aid accountants assisting with the set-up of SMSFs to identify and prevent disqualified trustees from r...
SMSFs ‘won’t fall off a cliff’ with franking credit changes
With the Tax Office’s latest statistics indicating that almost 80 per cent of new SMSF members are under 55, SMSFs are unlikely to die off under Labor’s proposed chan...
