SMSF Blog

Latest news and developments regarding SMSFs

  • Related Party LRBA interest rates 2015-2020

    Funds which have Limited Recourse Loan Arrangements (“LRBA”) where the loan has been provided by a related party (typically members of the fund) are required to pay interest based on an “arms length rate”. In the event a fund does not pay an arms length …

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  • Limited Recourse Loans from related parties : ATO guidance PCG 2016/5

    Important ATO Guidance regarding LRBAs from related parties: Action required before 30 June 2016 The ATO today (6 April 2016) issued a Practical Compliance Guideline (ATO PCG2016-005 LRBA Non Arms Length arrangements) in relation to Limited Recourse Loans provided by related parties to the members …

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  • Setting up an SMSF – changed ATO procedures

    The ATO has recently changed requirements relating to establishing new SMSFs. We have outlined the changes below and how you can satisfy these new requirements Old process In the past the ATO would register a fund and issue an ABN on the basis that a …

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  • SMSF Year-end Planning 30 June 2013

    SMSF Planning Checklist (2013) We sent our client the attached checklist to assist them in the following areas: Checking you have completed all year end SMSF transactions Regulatory changes which impact Trustees preparing information for the audit of their funds for the year ended 30 June 2013 SMSF regulatory …

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  • SMSF Auditor independence for small-medium sized accounting firms

    For some time there has been debate in the accounting community as to exactly what constitutes independence for an SMSF Auditor in relation to small and medium sized accounting firms. The recently  released update (Feb 2013) to APES110 provides a clear guide via a number of …

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  • I’ve underpaid my SMSF pension – will my fund lose its tax free status?

    SMSF’s paying pensions are tax free … provided they satisfy certain conditions One of the key attractions of superannuation, and SMSF’s in particular, is that once a fund commences paying pensions, the earnings of the assets used to support the pension payments become tax free. There …

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  • SMSF Auditor Registration : Options for accountants

    SMSF Auditor Registration : Regulatory requirements On 23 June 2012 the Government announced the long awaited details and regulations in relation to the planned SMSF Auditor Registration regime. The key points are: Registration will be handled by ASIC and will commence on 31 January 2013 …

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  • SMSF Year End Planning : 2012 Traps for SMSF Trustees

    Danger ahead for SMSF Trustees  : Contributions and pensions In the lead up to the end of the financial year the financial press is filled with articles regarding year end tax planning and superannuation strategies. In my experience though, it is usually far more mundane matters …

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  • Superannuation tax concessions and the 2012 Federal budget

    Super tax concessions – why they shouldn’t be touched. In the run up to the 2012 Federal Budget, Superannuation “tax concessions” appear to be increasingly targeted as one possible cost saving. I get annoyed at the reporting and analysis of superannuation tax concessions, and thought it worth …

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  • SMSF Audit fees – are they reasonable?

    SMSF Audit Fees There is a lengthy debate running on SuperGuide http://www.superguide.com.au/diy-superannuation/smsf-audit-fees as to the reasonableness of SMSF Audit fees (in many searches this is appearing as the first ranked item). After reading the contributions, particularly those who suggested SMSF audits should be free, I …

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