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ATO Introduces New “Stick”

The ATO has introduced a new incentive to encourage on-time lodgement of SMSF returns. From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn't requested a lodgment deferral, the Fund’s status on Super Fund Lookup will be changed to 'Regulation details removed'. This will be assessed...

September 19, 2019
David Busoli
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ATO’s Investment Strategy Breach Project

The ATO's letters to over 17,000 funds with "90% or more of its funds in one asset, or a single asset class", have started to arrive. A similar letter will be sent to the last known auditor for each fund. It draws the trustee's attention to a potential $4,200 penalty and puts the auditor on notice to...

September 4, 2019
David Busoli
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Don’t Get Panicked by the Message

The ATO will ask nearly 18,000 SMSFs to provide evidence their investment strategy meets the retirement objectives and cash-flow requirements of the fund following on from concerns they may not be meeting investment diversification requirements under superannuation regulations. The emphasis is on funds that have over 90% of their fund investments in a single asset - generally...

August 22, 2019
David Busoli
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Life Insurance – Who Pays?

Life insurance in SMSFs requires special consideration. Quite apart from the extra tax deduction gained from the future service benefit or the impost of extra tax where proceeds are not paid to tax dependants, there is the issue of who pays the premiums. Premiums must be debited to the insured’s account but which account? If the member...

July 30, 2019
David Busoli
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SMSFs Score Highly

The SMSF Association has just released their review of the Australian Taxation Office’s 2016-17 statistical overview of SMSFs. Given the amount of pre-election SMSF negativity it makes a very exciting read with highlights like; The average SMSF establishment size rose to $521,000 compared with the relatively stable levels of $370,000 in the previous four years –...

July 24, 2019
David Busoli
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Income Streams & Death

The ATO has released an explanatory note Death benefit income streams – meeting minimum pension payment requirements to clarify what is required on death. Unfortunately it is confusing in that it misses a couple of rather important items. Pension minimum requirements in the year of death are only applied to reversionary pensions. Non-reversionary pensions are exempt from...

July 22, 2019
David Busoli
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Related Party SMSF Loans

The ATO have updated the interest rates to be charged for related party limited recourse borrowing loans that seek to comply with the safe harbour provisions. Where the secured asset is real property the rates are; 2019/20 - 5.94% 2018/19 - 5.8% 2017/18 - 5.8% 2016/17 - 5.65% 2015/16 - 5.75% Where the secured assets are listed securities the rate is 2% higher...

July 19, 2019
David Busoli
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Important Trustee Clarification

Dawson v Dawson [2019] NSWSC 82 confirms several matters that have always seemed self- evident but it’s always great to have a case law example as well. The case confirmed that; When a trustee is appointed pursuant to an enduring power of attorney they are personally appointed. They do not represent the appointor. They act independently in...

July 9, 2019
David Busoli
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