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E-Signature Risks

Due to their significant convenience and efficiency we have adopted the use of electronic signatures as our default – but not for everything. We still require wet signatures for Deeds, and some other documentation, even though this slows down the process. We know that some deed suppliers do not follow this practice so why do we? An...

SMSF Mandatory Reading

SMSF Adviser published an article by Deanne Firth of Tactical Super that I feel should be retained to provide to SMSF trustees who complain about having to justify their related party transactions. Essentially, a member drew loans, in multiple tranches over three years, totalling $90,000. Each tranche incurred an administrative penalty resulting in a total penalty of...

TBAR Alert

By 28th October, some SMSFs will need to have reported any pension establishments or commutations that occurred since July 1. These are the funds that have been self assessed as quarterly reporting for TBAR purposes. To work out if quarterly or annual reporting arrangements apply, an SMSF will need to know the total super balance of all...

Total Super Balance

From 1 July 2017, many superannuation obligations and rights became depend on a member’s total super balance which is , broadly, the total amount a person has in all Australian superannuation funds, including amounts in pension phase and accumulation phase. Event Based Reporting Generally, SMSFs are not required to report under the ATO’s transfer balance account report (TBAR)...

Pensions

The links below are directly or indirectly related to pensions. ATO ID 2002-731 Same sex partner dependant ATO ID 2010-1 Child definition ATO ID 2011-77 Meaning of child dependant ATO ID 2011-83 Dependant former spouse, same sex ATO ID 2012-84 Allocation from pension reserve account Income Tax Assessment Act 1997 Super Extract NTLG Dec 2007 Super Interests NTLG Dec 2010 Super interests & pension...