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…
The topic of SMSF investment strategies remains at the forefront of both trustees and practitioners – we know this because approx. 23% of all documents ordered this year on the Smarter SMSF platform have been investment strategies, addressing key deficiencies in fund documents that need to satisfy an increased focus by auditors acting as the…
Investment strategies continue to remain a key focus area for the SMSF industry, in particular following the ATO’s updated guidance earlier in 2020. We’ve had a growing number of requests from our members and PAYG users of the Smarter SMSF platform about the requests from auditors to provide further evidence of the diversification requirement where…
The publication of draft Law Companion Ruling, LCR 2019/D3 Non-arm’s length income – expenditure incurred under a non-arm’s length arrangement was certainly the most controversial topic impacting the SMSF sector over the past 12 months, with this legislative interpretation bringing into focus a range of circumstances that aim to clarify the distinction between personal and…
We have seen swift action by the Australian Taxation Office (ATO) to support the SMSF industry across a range of areas that have been impacted by the coronavirus pandemic. Through a rational and reasoned process, the Commissioner in many circumstances won’t apply compliance resources to potential compliance breaches in areas such as rental relief being…
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