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Specially Treated Assets

Last week we considered the acquisition of unlisted shares by an SMSF from its members or associates. We mentioned the requirement that such shares be in-house assets to qualify and that eligibility ceased if the company was controlled. We mentioned that this situation was similar for trusts. There are exceptions. The shares or units in company or...

September 5, 2018
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Related Party Acquisitions

Last week we considered the identification of related parties. This week we look at some related party acquisition issues. Generally, an SMSF can only acquire unlisted shares from a member or associate if the company is related. This is because the shares would constitute in-house assets. Naturally, the acquisition would only be allowable if it did not...

August 27, 2018
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Who’s a Related Party?

The SIS Act pays special attention to the inherent conflict of interest that exists in all SMSFs due to the trustees being the members and vice versa. This limits the financial dealings that the fund can have with related parties so identifying who these are is vital. SIS sec 10(1) defines these as a member, standard...

August 22, 2018
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The Problem with Life Insurance

Opportunities are being lost due to a general misunderstanding of the nuances of life insurance in SMSFs. A deduction for term life insurance premiums is allowable, irrespective of whether the premium is paid from an accumulation or a pension interest. Clearly this is irrelevant if the fund is totally in pension mode however, where a portion of...

August 7, 2018
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ATO Accolade

We have never entered any sector award competitions so our general manager, Emma Walker, and her wonderful team have never been publicly acknowledged for the great work that they do. They have, however, been acknowledged by the ATO in a more meaningful way by being officially recognised as having achieved a score of 100% for on time...

August 1, 2018
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Coping with the TBAR regime

How will SMSF administrators minimise the compliance risks and procedural disruption of the TBAR regime? This year, SMSF trustees must consider whether they are permanently locked into a quarterly reporting regime for certain pension events. All such SMSFs must lodge a TBAR for reportable events that occurred in the 17/18 financial year by 28th October and quarterly...

July 29, 2018
David Busoli
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3 Year Audit – Good, Bad or Ugly

I confess I have a vested interest in supporting the government’s three yearly audit proposal so why am I totally opposed to it? “The objective of the measure is to incentivise good record-keeping and compliance by SMSFs whilst maintaining system oversight and integrity.” What this measure will achieve is quite the opposite. Significant incentives already exist for good...

July 9, 2018
David Busoli
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Actuarial Surprises

This Snippet has been largely reproduced from an article by Greg Einfeld of Lime Actuarial who has nailed the changes that have been made to the calculation of exempt pension income. Hopefully the regulators will apply some common sense where the result of the changes is just plain silly but that is yet to be seen. The...

June 26, 2018
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