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 […]
A number of factors should be considered when a member is planning to convert a Transition to Retirement Income Stream (TRIS) to an Account Based Pension (ABP) Let’s first briefly summarise the features of each type of pension. An Account […]
A member with an Account Based Pension must meet their annual minimum pension payment requirements. This minimum amount is determined by the member’s pension balance as well as their age as at 1 July of the relevant year as specified […]
In order for a member to be eligible to commence an account based pension within their superannuation fund, a condition of release must be satisfied. Under Superannuation Industry (Supervision) Regulations 1994 – Schedule 1, the following condition of releases are […]
Wouldn’t it be great if you understood how an auditor arrived at the conclusion of having to notify the ATO of a fund breach? Today, we open up the curtains and show you the guidelines that all auditors MUST adhere […]
Historically, good news can be hard to find when reviewing the annual federal budget over the last couple of years, however the 2019/20 federal budget came with some genuine positives. Treasurer Josh Frydenberg, announced the following major changes: Forecasted $7.1 […]
Limited Recourse Borrowing Arrangements (LRBAs) have been a very popular gearing strategy over the past number of years. We have seen many funds acquire assets that would otherwise be out of reach such as property with the intention to help […]
