With the SMSF sector continuing to undergo significant change through legislation, regulatory reform and advancements in technology, it was the release of the Future of SMSF report in November 2018 that shed some important light into the challenges, opportunities and direction of service providers working within the SMSF industry. With these key insights, providing a…
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The Australian Taxation Office (ATO) has provided valuation guidelines for SMSFs to comply with since the introduction of the market valuation requirements in SIS Reg. 8.02B from the 2012-13 financial year. When trustees follow the guidance provided within the ATO framework for market valuations, the Regulator will generally accept the valuation provided. However, they may…
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With a Coalition Government returning to office, the grey clouds that hung over the catch-up unused concessional contribution legislation has now been lifted. With this measure having started from 1 July 2018, the prospective nature of these laws has meant that the 2019-20 financial year will be the first time where a member will be…
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Just like in Star Wars IV (actually, it was the first episode in the series made back in 1977), the Coalition Government in winning the Federal election has provided a ‘new hope’ for the SMSF industry. There was genuine concern about just what impact a Labor Government would have had for the sector, given that…
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Since transfer balance cap reporting commenced for self-managed superannuation funds (SMSFs), the Australian Taxation Office (ATO) has continued to observe a high level of re-reporting from within the SMSF sector. This is mostly in response to determinations and commutation authorities that have been issued by the ATO. In some instances, the amended reporting indicates: the…
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