Category: Blog
ATO guidance on new labels in 2019 SMSF annual return
New questions have been added to the 2019 SMSF annual return to report: -whether Part A of the audit report was qualified, in addition to Part B -the outstanding limited recourse borrowing arrangement (LRBA) amounts for each member -cryptocurrencies, which were previously reported at the 'other..Read More
Can I sell my SMSF properties to myself?
You or your relatives can buy residential or commercial properties owned by your SMSF. If this is the case, you need to follow the following guidelines: obtain an independent valuation for the property engagement a conveyancer/solicitor who is experienced in SMSF property transactions stamp ..Read More
ATO has established a disqualified SMSF trustee register
ATO has introduced a disqualified trustee register that will help SMSF administrators, professionals and other trustees to search for the details of a particular trustee. The main features of the register are as below: - the register will be maintained and updated by ATO on quarterly basis - ..Read More
2019 Federal Budget: what it means to your SMSF
There are four major positive changes in regards to superannuation and SMSFs and they can be summarised as below: Work test changes From 1 July 2020, SMSF members aged 65 and 66 can make both concessional and non-concessional contributions without meeting the Work Test. The current Work Test re..Read More
Notice of compliance for new SMSFs
ATO has changed the timeframe to issue notice of compliance for newly registered SMSFs. Before March 2019, new SMSFs' status is "Registered – status not determined". This status is only changed to "complying" after the first return is lodged and there is no compliance issue. After March 2019, af..Read More
Can an SMSF purchases a residential property with member’s partner?
An SMSF trustee can buy an investment residential property using tenancy in common or partnership structure. However, the following are issues associated with this transaction: 1. Member is unable to live in property whilst an asset of the fund. 2. The member can receive an inspecie lump sum (b..Read More
Common audit issues with SMSFs having crypto-currencies
SIS Act does not have any restrictions on cypto-currency investment. However the permanent documents needs to be reviewed before making such investment: Does the SMSF trust allows such investment? Does the investment strategy allow such investment? Is there any risk management statement ..Read More
Work test exemption for low balance SMSF members
From 1 July 2019, SMSF members aged 65 to 74 with total superannuation balances below $300,000 can make voluntary contributions to their SMSFs in the first year after they stop working. This means that SMSF members would be able to make voluntary contributions for 12 months from the end of the fi..Read More
Market value of assets
Reg 8.02B of SISR (Superannuation Industry Supervision Regulations 1994) requires all the assets held in the SMSFs must be valued at market value in the Statement of Financial Position. If there is no sufficient evidence about the material assets, SMSF auditors must qualify both financial and compli..Read More
Can private company shares owned by a SMSF be sold to the SMSF members?
The shares in unlisted companies owned by SMSFs can be transferred or sold to their members. However, the main issue here is the valuation of these share when they are sold to the SMSF members. The SMSF trustees need to make sure the disposal of these shares is in an arm’s length transac..Read More