From 1 July 2021, the maximum number of members eligible to form part of a self-managed superannuation fund (SMSF) and small Australian Prudential Regulation Authority (APRA) funds has increased from four to six. This change stems from the Treasury Laws […]
The trustees of a self managed superannuation fund (SMSF) are prohibited from intentionally acquiring an asset from a related party of the fund, except for assets permitted under s.66(1) of the SIS Act. It is important to note that this […]
2021/2022 Federal Budget Summary After a few quiet years in the SMSF space, the 2022 Federal Budget has provided some major – member friendly changes that provide a lot of positives to trustees. Below is a summary of what to expect in relation to SMSFs: Work Test Removal & […]
The End of Financial year is fast approaching. In most other industries this can be an exciting time, however for you this can be one of the busiest times of the year. You are generally working with all the tardy clients and problem […]
There are exactly 45 business days remaining until that dreaded 30 June lodgement deadline. However, for others, their lodgement deadline may be earlier, giving them less time to organise their workflow (i.e., there are only 15 business days until 15 May). Workflow management is a problem […]
It’s a nightmare when consistently receiving a huge list of audit queries for a SMSF from the Auditor rather than a completed audit report! Time is loaded on the clock that you may not recover and the job is often […]
COVID has caused excess work for many professionals in the industry. One section of note is with regards to COVID relief measures that auditors are able to pass onto the trustees of the SMSF due to revised ATO guidance. We have therefore summarised these provisions that were required […]
Too often we see simple mistakes made by trustees when acquiring vacant land. Getting it wrong can have major consequences. The first stuff up is when they acquire the land from a related party; the second is when that land is acquired using borrowings […]
Would you love to know how to get through this Christmas period as a happy, healthier version of yourself? It is so easy to overindulge at this crazy time of year isn’t it? We are much more social, catching up […]
The ATO’s SMSF early engagement and voluntary disclosure service allows trustees to be proactive in disclosing any contraventions as opposed to the ATO finding out via the SMSF’s annual audit and subsequent contravention report. By disclosing contraventions upfront, the trustees […]
