SMSF Excess contributions tax – ATO released updated guidelines for the Excess contributions tax penalties. Guidelines are very helpful for trustees and Super administration firms which provides lots of clarity and puts the onus on having right processes in place once excess contribution event is identified. Practice Statement Law Administration PS LA 2011/24 SUBJECT:   […]

SMSF Limited recourse borrowing arrangements Limited recourse borrowing arrangements – related party loans Issues raised If a related party lender offers a discounted rate of interest to an SMSF under a section 67A borrowing arrangement, would the discount be considered a contribution received by the SMSF? Can an SMSF enter into a borrowing arrangement under […]

SMSF Insurance considerations, Market Valuation and keep assets separate Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) – F2012L01654 Key updates: 1. SMSFs to consider insurance for members as part of the fund’s investment strategy, 2. Keep money and other assets of an SMSF separate from those held by a trustee personally and by a standard […]

Are SMSF audits too expensive? Self-managed super funds: A statistical overview 2009-10 Table 21: 2010 SMSF audit fees This table illustrates average and median SMSF audit fees reported on the 2010 SMSF annual return. It also distinguishes SMSFs whose auditors performed additional services for the fund and those who only performed the audit service. These […]

SMSF – Trustee Obligations and Prudential Standards Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 – C2012A00117 Schedule 1—Trustee obligations Superannuation Industry (Supervision) Act 1993 1  Subsection 10(1) Insert: enhanced director obligations, for MySuper products, means the obligations imposed by: (a)  section 29VO; and (b)  covenants prescribed under section 54A that are specified in the regulations […]

Expanded Super Reporting Revised reporting obligations will require superannuation providers to provide statements to us for all members who held an interest in the superannuation plan at any time during a reporting period, not just those for whom contributions were receive The purpose is to support a range of super reform measures, including enhanced online […]

Self-managed super fund statistical report – September 2012 SMSF population table – annual data This table contains details of the number of SMSFs that were established or wound up during each financial year. Establishment date is the date when an SMSF is deemed by the super law to come into existence and can be different […]

Collectables and personal use assets – questions and answers Overview On 1 July 2011 rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for self-managed superannuation fund (SMSF) investments in collectables and personal use assets. These rules took effect on 1 July 2011. They apply to all collectable and personal use asset […]