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?
auditing
ATO investment strategy guidelines update
The ATO has recently issued new guidelines in relation to SMSF investment strategy compliance. The rules or legislation in this regard have not changed but the ATO has stepped up its documentation requirements.
No joy in pulling the ATO’s tail
An SMSF trustee who objected to an ATO determination about a breach of a trustee’s covenant found himself disqualified as a trustee.
Can you sue your SMSF auditor if things don’t go to plan?
The NSW Court of Appeal has overturned the decision of the trial judge and held that an SMSF auditor was liable to pay damages for losses incurred by the SMSF.
Auditor says ‘safe harbour’ terms are mandatory – what now?
Would an SMSF trustee decision not to adopt the safe harbour terms from the ATO’s Guidelines in relation to a related party loan breach the Superannuation Industry (Supervision) Act SIS (Act)?