Aug 27, 2024
On the back of recent amendments to the Superannuation Industry (Supervision) Act allowing a change in financial statement signatory requirements, questions are being asked about whether audit documentation should also be subject to those changes. Specifically, some...
Aug 27, 2024
An auditing expert has taken to the ‘young-people’s medium’ – TikTok – in a bid to educate the younger generation about the Federal Government’s planned changes to Australia’s superannuation system. Naz Randeria isn’t looking to become an influencer, but rather the...
May 20, 2016
A superannuation fund is prohibited from purchasing assets from a related party except under certain circumstances. However, section 66 (2B) (b) (i) provides an exemption which allows a trustee to acquire assets from a related party in the event of a divorce or...
May 20, 2016
For SMSFs that are in pension phase, ATO ID 2012/47 outlines that all rollovers and contributions made (regardless of the taxable or non-taxable nature of these amounts) are to be include as assessable income for the purpose of determining the available deductions for...
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...
Oct 28, 2015
Self-managed superannuation funds (SMSFs) over the past few years have become the retirement vehicle of choice due to the flexibility that trustees have over investments and effective low tax rates. SMSFs are also an effective tool for estate planning, as it allows...
