We are seeing first hand the devastating effects from the coronavirus pandemic and its impact on business generally. Whilst some have thrived (e.g. think supermarkets), many have closed their doors due to Government intervention to stop the spread of this virus. This has resulted in many businesses, not only standing down staff but also wondering…
The ATO has recently published the top 5 mistakes made on SMSF annual returns (SARs) and how they can be avoided when lodging current and future SARs. We share these with you below and provide some of our own commentary around these topics: Bank account not unique to the SMSF A fund needs a…
It has become common practice for SMSFs to maintain the currency of the deed due to ongoing changes in the law or outcomes from relevant case law decisions. It is however important to distinguish the different activities with a fund’s deed and how they will be deemed as capital in nature or deductible. Trust deed…
Commentary recently by ATO assistant commissioner Dana Fleming that SMSF investment strategy documentation with ranges of 0 – 100% are not acceptable certainly sparked a significant response from within the industry with some arguing that the Regulator over-stepped their mark in respect to decisions being made by trustees. Well, in this article I want to…
A relatively unknown statutory provision buried within the operating standards of the superannuation laws is section 55 of the SIS Act. This provision is relatively untested as to its scope and for an unsuspecting client or adviser, involved with the management of a superannuation fund, it has the potential power, shall we say, of a…
