tumblr visit counter

Category: Blog

Simplifying SMSF Setup and Ensuring Ongoing Compliance for Strategic Indian Investments
09 Jan, 2024

iCare Super is your dedicated partner in streamlining the establishment of Self-Managed Superannuation Funds (SMSFs) and ensuring ongoing compliance for strategic investments in the dynamic Indian market. Our specialized services are tailored to guide clients seamlessly through the SMSF setup proces..Read More

01 Dec, 2023

 Based on the ATO's latest statistics on the self-managed super fund (SMSF) sector, as of September 30, 2023, there are 611,961 SMSFs. The total membership of SMSFs amounts to 1,142,957 individuals. The collective estimated assets of SMSFs reach $884.6 billion. The primary asset types wi..Read More

ASIC announces its 2024 enforcement priorities regarding Superannuation and Financial Planning
01 Dec, 2023

ASIC has announced 12 new priorities for 2024 as well as six "enduring priorities". Two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation balances. New priorities re..Read More

SMSF client to agent linking
30 Nov, 2023

For new SMSFs engaging a tax agent, you can submit the SMSF ABN registration form and specifying your tax agent as your representative, eliminating the need to go through the standard client-to-agent linking procedures. For existing SMSFs you'll need to follow the client-agent linking steps i..Read More

SMSF contraventions increase during the 2023 financial year
07 Sep, 2023

There has been an increase in non-complying SMSF funds during the 2023 income year. This has resulted in the ATO imposing a higher number of sanctions compared to previous years, including: an additional $29 million in income tax liabilities, administrative and tax shortfall penalties, and in..Read More

Taxpayer alert: Diverting property development profits to SMSF
27 Jun, 2023

he ATO has issued Taxpayer Alert TA 2023/2: Diverting profits of a property development project to a self-managed superannuation fund, through use of a special purpose vehicle, involving non-arm's length arrangements. The Alert states that the ATO is reviewing arrangements under which: one or..Read More

SMSF related-party LRBAs: ATO interest rate for 2023-24
27 Jun, 2023

For SMSF related-party limited recourse borrowing arrangements (LRBAs) used to acquire real property, the ATO's safe harbour interest rate is 8.85% for 2023-24 (up from 5.35% for 2022-23). Practical Compliance Guideline PCG 2016/5 sets the safe harbour interest rate each year according to the ..Read More

Definition of “employee” clarified for “work test” eligibility
25 May, 2023

The Government registered the Taxation Administration (Remedial Power - Work Test for Personal Superannuation Contributions) Determination 2023.The legislative instrument (LI) modifies the operation of s 290-165(1A) of the ITAA 1997 to ensure that all individuals aged 67 to 75 years who are employe..Read More

Personal transfer balance caps displayed from 11 July
20 May, 2023

Individuals will have a personal transfer balance cap between $1.6 and $1.9 million based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023. While indexation will occur on 1 July 2023 the general transfer balance cap, the ATO will be displaying memb..Read More

Personal super contributions: deduction work test modification
28 Apr, 2023

The ATO has released a Draft Legislative Instrument proposing to use the Commissioner's remedial power (CRP) to modify the "work test" under s 290-165(1A) of the ITAA 1997 to deduct personal super contributions, with date of effect from 1 July 2022. Draft LI 2023/D11 proposes to modify s 290-16..Read More

Enquiry Now

Enquiry Now