As we close what has been a year one like no other, we’ve seen a number of key measures finalised and become law throughout 2020. However, we’ve equally seen a range of announced measures that remain outstanding as we move towards 2021. The following table below provides a legislative stock take of the items impacting…
Common sense has prevailed with the scrapping by Treasury of the proposed changes to require financial reporting of SMSFs to be completed 45 days prior to the SMSF Annual Return. In our previous blog post, ‘proposing to move the goal posts for SMSF financials’ I wrote about the impact of these proposed measures and the…
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…
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…
SMSF members certainly haven’t been immune to the impacts of COVID-19, with recent ATO statistics (August 2020) suggesting approximately 35,000 applications by members for the early release of super have been processed across nearly 19,000 funds, totalling nearly $341 million. Interestingly, within the first tranche, the ATO said that around 22,000 approved applications were made…
