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Hume unfazed by ‘Your Future’ criticisms

In what was the first face-to-face investment industry gathering for more than a year, Senator Jane Hume, the minister for superannuation, appears to be holding the Government line on proposed ‘Your Future, Your Super’ changes. This is despite almost universal and bi-partisan criticism from industry experts about the efficacy of the process to be used…

Greg Bright | 3rd Feb 2021 | More
More tax-free super from 1 July

The Australian Tax Office has flagged an increase in both the Transfer Balance (TBC) and Total Superannuation Balance (TSB) caps which impact everything from the eligibility to make contributions, tax exemption of earnings and even the co-contribution. Following the release of the Consumer Price Index figures earlier this week, the TBC and TSB will broadly…

The Inside Investor | 29th Jan 2021 | More
SMSF operating costs get a reality check

Clients who have put off establishing a self-managed super fund due to the assumed high costs may be put at ease after the Australian Taxation Office released the median cost of an SMSF which is significantly lower than earlier reported figures. The ATO’s 2017-18 Statistical Overview of SMSFs shows the median operating expense of SMSFs…

Annabelle Dickson | 24th Jun 2020 | More
  • 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 circumstances after an application has been processed. Members, who have lost their job or had…

    Drew Meredith | 22nd Jun 2020 | More
    SMSF auditors in hot water

    SMSF auditors have been put on notice after the Tax Practitioners Board (TPB) found several tax practitioners falsifying self-managed superannuation fund annual returns. Seventy-four tax practitioners have been identified after lodging 2017 and 2018 SMSF annual returns with an incorrect or fraudulently recorded SMSF Auditor Number (SAN). The review comes after the Australian Taxation Office…

    Annabelle Dickson | 27th May 2020 | More
    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), has identified a number of advisers, trustees and fund promoters that are marketing consolidation services…

    Drew Meredith | 25th May 2020 | More
  • 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 clarify the position of SMST trustees who use intermediary arrangements to structure fund borrowings. Such…

    Drew Meredith | 25th May 2020 | More
    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 trustee of their tax agent to request a deferral. The new date applies to all…

    Drew Meredith | 27th Apr 2020 | More
  • 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 says. The executive manager of SMSF technical services at SuperConcepts, Mark Ellem, says the ATO…

    Drew Meredith | 20th Apr 2020 | More
    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; that is because their tenants are often related parties. A common financial planning strategy is…

    Drew Meredith | 7th Apr 2020 | More