News

Real Time Pension Reporting

Real time transfer balance account reporting requires reporting to the ATO within a mandated timeline whenever a pension member creates a Debit or Credit to their Transfer Balance Account. The ATO’s goal for Real Time Reporting is to maintain current transfer balance account records so that they can detect any breach of the transfer balance cap...

CGT Reset for Loss Assets

We have been fielding a number of queries regarding CGT reset scenarios and losses when the relief is determined for an unsegregated, or pooled, arrangement. This is a confusing subject as capital losses are not applied in the same way as capital gains. Let’s consider the following example for an unsegregated fund which already holds a carried...

New Accounting Service

Our service supports accountants and financial planners but we acknowledge that sometimes they compete. We have received a number of requests from financial planners who have found their client base threatened by newly licenced accountants seeking to expand into the financial planner’s domain. In order to assist our alliance partner financial planners to “ring fence” their client...

SMSF Real Property Best Practice

We administer a number of SMSFs that contain real property. Because of the nature of this asset we often encounter issues that have the potential to make processing and audit more difficult. To avoid us annoying you for documentation and detail, particularly at year's end, we thought we would share some best-practice tips: All invoices must be...

ATO Score Card

A mandatory, minimum standard to which all SMSF administrators aspire is to lodge every SMSF with the ATO before their respective lodgement dates. The only way this can be achieved is for the administrator to be focused and to have the active cooperation of the auditor, actuary, adviser, trustee, investment houses and any other involved entity....

Superannuation & Same Sex Marriage

Given the currency of this topic it is worth reflecting on its relevance to superannuation. Essentially the superannuation rights of a defacto partner (including same sex couples) are much the same as those joined by marriage. They are not identical though. The difference can be significant when applied to death benefits. Couples joined by marriage hold indisputable proof...

Service Enhancements

As you know, we are always seeking ways of improving our service offering to you, our alliance partners. The SMSF administration process requires us to gather information and documentation to substantiate the Financial Statement data each year. We try to gather much of this independently with as little disruption to your team as possible but, on occasion,...

ECPI Controversy

There has been a practical resolution to the argument surrounding the need for actuarial certificates for funds that have been in pension for the whole year except for a partial commutation on 30th June 2017 to satisfy the transfer balance cap. The ATO’s view is that all such funds require an actuarial certificate for the day and...