While 2017 certainly was a super year with the biggest changes to superannuation in ten years coming into effect on 1 July.
compliance
SISFA welcomes ATO’s position on SMSF reporting
The ATO’s final position on event-based reporting for SMSFs is both welcome and a reflection of the industry and regulator collaborating to achieve a sensible outcome.
Loan agreements and security go together
All loans, including those from related parties, friends and families, should always be supported by a formal loan agreement and relevant security.
Is your SMSF trust deed up to date?
The end of financial year is fast approaching and in light of the Fair and Sustainable Superannuation Changes it’s important for trustees to be assured their SMSF trust deed is up-to-date and compliant. Case study: Daniel is a trustee of an SMSF. Accordingly, he is only permitted to act in accordance with the powers afforded […]
Does an SMSF cease to be compliant if its members go overseas?
The High Court’s decision on when a taxpayer meets a necessary residency test has implications for members of SMSFs who travel overseas. Frank and Mary want to go overseas for a while to work in England. They’re told that they need to ensure that their SMSF does not become a non-resident fund simply because of […]
Shedding light on the ATO’s new compliance approach
Setting up a self-managed super fund (SMSF) can be quite daunting, especially since the responsibility for ensuring compliance with superannuation laws rests with the trustees of the Fund. As the ATO regulates SMSFs and administers superannuation laws in relation to them, trustees need to keep abreast of possible changes as these may require them to […]
The Dos and Don’ts of running an SMSF – How to deal with the ATO
To err is human and it is the ATO’s job to make sure trustees understand when they have done something wrong and why it happened. So while trustees may get nervous knowing the regulator is coming to knock on their door, here’s a list of ‘do’s and don’ts’ to help in dealing efficiently with the […]
SMSFs that breach their obligations – penalties often apply
Being in control of a superannuation fund does not come without responsibilities or obligations and the ATO is now able to hit trustees where it hurts the most (their wallet!) if they forget this. If a trustee breaches any of the sections in the below table, the ATO can impose a fine which is payable […]