LET'S TAKE ACTION TOGETHER The recent 2018 Federal Budget announcements interestingly included a section on triennial SMSF audits. From 1 July 2019, SMSFs with a history of ‘good record-keeping and compliance’ will only need to have their financial statements audited every 3 years. The SMSF industry is a $900B sector [...]
Recently, the ATO published a speech delivered by the ATO Deputy Commissioner Superannuation, James O’Halloran, in an address to the CPA SMSF conference. The Deputy Commissioner discussed the Superannuation reforms and noted particular interest from the general public in relation to the proposed $500,000 lifetime cap for non-concessional contributions and [...]
Investments in related unit trusts are a popular investment vehicle for many SMSFs. Often the focus of these investments is ensuring that the unit trust investment complies with a host of legislative requirements in the SIS Act such as: the in-house asset rules, sole purpose test and ensuring all investments [...]