We understand the challenges currently confronting many team members who ordinarily have access to regular team training keeping them up-to-date on the latest SMSF topics, issues and strategies. Whether this is done casually over a few pizzas at lunch time or more formally as a team, it is the ability for all team members to…
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The tax concessions afforded to complying super funds, including SMSFs are subject to strict residency criteria. Failure to comply can lead to significant penalties being taxed against both the assets and income of the fund. Three tests exist in determining whether a SMSF is an Australian super fund, including that: The fund was established in…
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In these uncertain and difficult times due to the impact of the Coronavirus, it was fantastic to be able to gain key insights today from the Australian Taxation Office (ATO) and SMSF Association relating to a variety of measures that needed clarification for the SMSF sector to engage with and resolve a range of key…
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The ATO’s guidance on providing temporary rental relief for related party arrangements has been seen as a huge positive for the SMSF industry with the potential for compliance issues arising where financial assistance is going to be provided through a rental reduction or abatement. We know it’s a big issue because our recent blog post…
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With financial markets having gone into free fall since the end of January, this has not only had a significant impact on the super balances of fund members, but has also heightened a range of compliance issues across the SMSF industry. This includes the potential impact on in-house asset (IHA) arrangements, which was flagged with…
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