Can SMSF trustees sell a collectable (artwork) to a relative and does it require a valuation report?
ATO
Downsizer contributions – evidence required by the auditor
Bill and Mary have just successfully made downsizer contributions of $250,000 and $290,000 to their Self Managed Superannuation Fund. As the close of the financial year is fast approaching and Bill wants to impress the auditor of the fund with his record keeping, what evidence must he obtain in relation to the downsizer contributions?
Why you need to understand dividend imputation credits
You likely benefit from dividend imputation credits. That’s why you need to understand what they are, writes Andrew Zbik.
Are you up to speed on the latest process to rollover a member of an SMSF?
Rollovers from one SMSF to another must comply with the technical requirements. Elizabeth Wang from Townsends Law has summarised those requirements to save you time.
SMSFs transacting with former spouse, cousins or friends
A question we get from time to time is whether the trustee(s) of an SMSF can enter into transactions with a fund member’s former spouse whether the transaction is a loan, lease or another type. In this article, we will consider a number of compliance issues with SMSF transactions involving a former spouse.
Watch out for ATO penalty units
The ATO can impose administrative penalties on individual trustees and the directors of corporate trustees if they contravene certain provisions of the Superannuation Industry (Supervision) Act 1993 (SISA).
SMSF valuation requirements (for trustees)
The ATO has recently published “Evidence to support real property valuations” which outlines the ATO’s evidence approach and requirements for real property valuations. The approach elaborates but generally accords with the ATO’s previously published valuation principles. This article explains the ATO valuation requirements for real property and other asset classes and situations.
COVID-19 rent deferral IHA relief
The ATO has issued draft SPR 2020/D2 which when registered will exempt SMSFs that allow a rent deferral to a related party tenant from the in-house assets provisions in certain situations.