The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these...
A major update to the SBSCH means perfect alignment between employees’ super details and those recorded by the ATO will be critical, says the SMSF Association. The SMSF Association has emphasized the significance of ensuring that employees’ superannuation...
What will impact you in the new budget? The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. This budget and the measures within it are designed to reduce the cost of living. The Budget also includes $3 billion to relieve energy bills,...
The role of an approved SMSF auditor is an important one. SMSF Trustees are required to appoint anapproved SMSF auditor to audit their Fund each year. What does the audit involve? The approved SMSF auditor is required to audit, not only the financial statements of the...
Taxation Measures The Budget does not contain major tax changes. It does seek to begin some “Budget repair work” via tax integrity measures particularly in international tax matters and in relation to debt funding by foreign controlled entities....
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire. Know Your ‘Why’? The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of providing...
