It has been a requirement for a SMSF to prepare financial statements with fund assets to their market value in accordance with SIS Regulation 8.02B since 1 July 2012. Prior to this regulation taking effect, unless the fund was paying a pension or held in-house assets, trustees could provide a valuation for fund assets every…
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With changes to the SIS Regulations from 1 July 2020 that extended the age to 67 before requiring a work test has been met have been well received, albeit we continue to wait patiently for the bring-forward legislation to pass both houses of Parliament. For some older working Australians during this pandemic period, they like…
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Treasury has recently released for consultation a range of miscellaneous amendments that include a a significant shift in the reporting obligations for SMSFs. To say this has come from left field would be an understatement. The proposed new measure will insert Regulation 8.02AA that will require the accounts and statements of an SMSF to be…
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The Australian Taxation Office (ATO) has now registered SPR 2020/2 which applies to the trustee(s) of a SMSF where the fund acquires an in-house asset from a deferral of rental income under a lease due to COVID-19. This determination became effective from 27 November 2020. As a result of the financial impacts of COVID-19, some…
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Treasury has released for consultation an exposure draft of the Your Future, Your Super package with looks at the following key areas: Best Financial Interests Duty Single Default Accounts; and Underperformance The Government’s Your Future, Your Super package – announced in the 2020-21 Budget – is targeting reforms to the superannuation system that intends on…
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