Warning on SMSF asset valuations
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as…
The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as…
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many…
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9% ($1.17bn) between June 2019 and June 2022, according to the latest ATO statistics. While cryptocurrency…
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire. ‘Why’? The golden rule for acquiring assets inside your SMSF is why? To be compliant,…
The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and…
From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members…
We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the…
COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000…
The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is…
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect…