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…
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…
A common question we get asked is how to deal with contributions that have mistakenly resulted in a client exceeding their contribution cap. The changes to the contribution rules from 1 July 2017, both in terms of contribution caps, but also the introduction of a total superannuation balance concept have highlighted the importance of getting…
With Parliament now having risen for the Christmas/New Year break, there remains a whole raft of Bills that are yet to pass both houses that play a significant role across superannuation and SMSF reforms. The table below outlines a range of announcements and measures that remain unresolved at the end of 2018. Matter Status…
The ATO has provided further information on the reporting in certain circumstances of a member’s Accumulation Phase Value within the Transfer Balance Account Report (TBAR). SMSFs will need to provide an accumulation phase value (APV) on a transfer balance account report (TBAR) for 30 June 2017 in certain circumstances. APV is a component of a…
