Jan 21, 2019
With the introduction of the transfer balance cap (currently $1.6 million in 2017/2018), superannuation funds are only able to claim income tax exemptions on assets that are supporting income streams in the retirement phase. Since 1 July 2017, there are now two types...
Oct 11, 2018
The Australian Tax Office (ATO) has made a number of changes to the Self-managed superannuation fund annual return 2018 (NAT 71226-06.2018) to facilitate the superannuation reform changes that came into effect on 1 July 2017. Some of the main changes are highlighted...
Nov 9, 2016
A SMSF with an annual turnover of less than $75,000 is not required to register for GST, but can opt to do so. Since annual turnover for GST purposes does not include input-taxed supplies, a SMSF that invests only in shares, units in unit trusts and/or residential...
Feb 29, 2016
Due to the complex nature of the LRBA arrangement, there are some deliberations in regard to the costs of setting up a LRBA in the SMSF and whether they are deductible to the SMSF. The ATO has issued a private binding ruling (PBR 1012441308161) that considered this...
Jul 23, 2015
Section 130 of the Superannuation Industry (Supervision) Act 1993 (SISA) requires self-managed superannuation fund (SMSF) auditors to report contraventions to the ATO if they know or suspect that a contravention has, is or is about to occur by lodging an...
