Hefty fines for dishonest super release

The Australian Taxation Office has announced it will take no prisoners in situations where applicants are found deliberately exploiting the early release super system. The tax office has already stopped applications and prevented super money from being released and reviews…

Consolidating super not always a benefit

Superannuation members should be on high alert if using third parties to consolidate or locate their super to ensure the safety of their retirement savings. The Australian Securities and Investments Commission (ASIC), in conjunction with the Australian Tax Office (ATO),…

ATO clarifies SMSF borrowing arrangements

The Australian Taxation Office (ATO) has set out the test it will apply when determining whether an “intermediary limited recourse borrowing arrangement” is an in-house asset of a self-managed superannuation fund (SMSF). The ATO has issued a legislative instrument to…

SMSF annual return deadline extended

The Australian Taxation Office has deferred lodgement of self-managed super fund annual returns. The ATO says returns due on 15 May and 5 June are now due on 30 June. The tax office says there is no need for a…

ATO’s SMSF rent relief needs to be fleshed out

The Australian Taxation Office needs to provide greater clarity about its announcement that it will not take compliance action if a self-managed super fund landlord gives a tenant a temporary rent reduction to a related party, a leading SMSF consultant…

Tenancy issues a concern for SMSFs

The Government is urging the owners of commercial property to work out arrangements with tenants whose businesses are struggling as a result of the COVID-19 crisis. But for trustees of self-managed super fund that own property, there are added complications;…

SMSF trustees need to get property development right

SMSF trustees need to take extra care after the tax office has stepped up its monitoring of property developments saying it is concerned that such arrangements may be inappropriate. It is paying particularly close attention to arrangements that involve limited…

Get returns in on time, ATO warns

The Australian Taxation Office (ATO) is warning self-managed superannuation trustees and their advisers that lodging annual returns late will result in a change to an SMSF’s fund status, risking their retirement savings. The harsh consequence is in response to nearly…

Super guarantee amnesty may trigger cap breaches

Employees run the risk of exceeding their concessional contribution caps if they receive payments under the Government’s new superannuation guarantee amnesty. Under the law implementing the amnesty, which was passed late last month, employers will have six months to correct…

SMSF investment strategy must ‘live and breathe’

SMSF trustees need to pay more attention to their investment strategies to ensure they detail every aspect of the investment process rather than just being a compliance document. The Australian Taxation Office (ATO) has released guidance on SMSF investment strategy…

CONTACT US

Sydney: +61 2 9247 8533
Melbourne: +61 3 8414 2901
Sydney: Level 2, 75 Elizabeth Street, Sydney NSW 2000
Melbourne: Level 4, 125 Flinders Lane, Melbourne Vic 3000

Processing...
Thank you! Your subscription has been confirmed. You'll hear from us soon.
Free today.
Join Inside Network's exclusive community to receive commentary and content from the select top fund managers, journalists and economists in Australia. Unsubscribe anytime.
ErrorHere