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ATO action on overdue SMSF annual returns Posted on Dec 7, 2017 by admin

Super

The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance action, the ATO is currently: – Cancelling approximately 9,000 ABNs of SMSFs that show no evidence of operating – Writing to SMSF trustees who are in pension phase to remind them that they still have a lodgment obligation – Continuing to focus on SMSFs with high levels of income and/or high-value assets who also have overdue returns – Taking further compliance and audit action on selected SMSFs – […]

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SMSFs warned of risky retirement planning Posted on Nov 22, 2017 by admin

Super

The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements. Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident, may face severe penalties, risk losing their retirement savings, and potentially, their rights as a trustee to manage their own fund. The Tax Office has released additional information through their Super Scheme Smart Program to help educate retirees and trustees of these complex tax avoidance schemes and arrangements. Super Scheme Smart provides case studies and information packs to ensure taxpayers are informed about illegal arrangements including what warning […]

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SMSF annual return for pension phase trustees Posted on Nov 15, 2017 by admin

Super

Self-managed super fund (SMSF) trustees who are in pension phase must lodge their SMSF annual returns if they remain active, or choose to wind up the fund. The ATO is warning SMSF trustees about their regulatory obligations and is paying close attention to those SMSFs that are not meeting their lodgment obligations. Trustees must lodge a Self-managed superannuation fund annual return 2017 if it was a self-managed super fund on 30 June 2017, or a self-managed super fund that was wound up during 2016-17. Super funds that are not SMSFs at the end of 2016-17 must use the fund income […]

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SMSFs: Stats Posted on Nov 10, 2017 by admin

Super

The Australian Tax Office (ATO) has released its June 2017 quarterly SMSF statistical report detailing key SMSF figures. As of June 2017, the number of SMSFs increased to 596,516. The number of SMSF members in Australia is 1,124,453. The estimated value of total Australian and overseas SMSF assets is $696.7 billion. The number of annual wind-ups including both those initiated by trustees and those as a result of ATO compliance and cleansing activity was 1,419 as of June 2017. This is a significant decrease from 10,551 in June 2016. The top five asset types held by SMSFs by value include […]

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SMSF: Capital vs revenue expenses Posted on Nov 1, 2017 by admin

Super

Self-managed super funds (SMSFs) have access to a range of tax deductions for expenses incurred. Whether the expenses are capital in nature or are considered as revenue will affect eligibility for claiming such deductions. The Tax Office considers an expense that is incurred in establishing or making enduring changes to a super fund’s structure or function as capital and not deductible under the general deduction provision. For example, the costs of establishing an SMSF are capital in nature. An expense incurred in acquiring capital assets is also usually capital in nature. Trust deed amendment costs incurred in establishing a trust, […]

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Lower House passes first home super scheme Posted on Oct 27, 2017 by admin

Super

While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme. The scheme was proposed in the Budget released in May 2017 and was only just passed by the Lower House. The Government has notioned that Australia’s retirement savings system will not come under threat by allowing first-homebuyers to use their superannuation funds to save for a house deposit. The measure was passed with the strong backing of the Coalition, even though it is heavily opposed by Labor and the Greens. The opposition claims the scheme will not make […]

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Super co-contributions Posted on Oct 18, 2017 by admin

Super

Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial years, or low-income super tax offset (LISTO) from 1 July 2017. Super co-contribution The Government will make a co-contribution of up to $500 if you are a low or middle-income earner and make personal (after-tax) contributions to your fund. The eligibility conditions for a co-contribution from the 2017-18 financial year include: a total superannuation balance less than the general transfer balance cap for […]

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Splitting super Posted on Oct 13, 2017 by admin

Super

When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need to work out how they will split their super. They can choose to enter into a formal written agreement, seek Consent Orders, or if the separating couple cannot reach an agreement, they can seek a court order. It is important to have necessary documentation in […]

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Transfer balance account report now available Posted on Oct 5, 2017 by admin

Super

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018. Events that affect a member’s transfer balance account will need to be reported to minimise the tax consequences of exceeding the transfer balance cap. Funds with straightforward affairs are likely to have only a few events per member to report over the life of the fund. […]

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Keeping your SMSF compliant while overseas Posted on Sep 27, 2017 by admin

Super

Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip. There are specific conditions that must be met to deem the self-managed super fund ATO compliant. They are as follows: Fund recognised as an Australian fund The SMSF will be recognised as an Australian super fund provided that the setup of and initial contributions are likely to have been made and accepted by the trustee(s) in Australia or at least one of its assets is located in Australia. […]

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