The ATO has recently announced that trustees are required to confirm the market value of any properties held by their SMSF each year. This doesn’t necessarily mean a new valuation is required each year, however, if the trustees wish to […]
Cryptocurrency has been a hot topic in the news of late. The surge in the price of Bitcoin between June 2020 & March 2021 has piqued investors wishing to explore new and unusual wealth-growing methods. The lucrative nature of crypto […]
From 1 October 2021, SuperStream will become mandatory for all self-managed super funds to rollover super to or from their funds. With less than 60 days left until the implementation of the compulsory SuperStream, now is the perfect time to ensure your SMSF is well-prepared to make the […]
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 […]
