SMSF
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Small Business Superannuation Clearing House and SMSF bank account validation
- 10 May 2024
- Posted by: GJ North
- Category: Superannuation
No CommentsTo safeguard retirement savings held in self managed superannuation funds (SMSFs) from fraud and misconduct, the ATO is rolling out new security features.
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Australia’s love affair with SMSFs continues
- 7 May 2024
- Posted by: GJ North
- Category: Superannuation
Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of the control and flexibility offered.
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ATO’s continued focus on illegal early release of super
- 8 February 2024
- Posted by: GJ North
- Category: Superannuation
As a new calendar year commences, the ATO’s priorities in the self managed super fund (SMSF) sector remain consistent. As in previous years, the greatest area of concern for the ATO continues to be taxpayers illegally accessing their super before meeting a condition of release. While it notes that the vast majority of SMSFs follow the rules, those that do not are having a significant impact on the system.
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SMSF compliance activity escalation
- 2 October 2023
- Posted by: GJ North
- Category: Superannuation
The ATO has ramped up compliance activity in the self managed super fund (SMSF) space in response to an increasing number of funds that have been identified as not complying with superannuation obligations. For the 2023 year, the ATO says it has issued double the amount of tax and penalties when compared with the 2022 income year, and the number of disqualifications has tripled.
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Beware SMSF schemes: residential property purchase
- 24 September 2023
- Posted by: GJ North
- Category: Superannuation
The ATO has warned taxpayers against entering into a scheme through their self managed superannuation fund (SMSF) which claims to allow individuals to purchase property using money from their super.
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Super tax concession changes: consultation
- 9 May 2023
- Posted by: GJ North
- Category: Superannuation
As flagged earlier in the year when the announcement was made, the Federal Government recently released a consultation paper on its proposal to reduce super tax concessions for individuals with super balances over $3 million, including those with self managed super funds (SMSFs).
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SMSF changes and reminders for 2023
- 29 January 2023
- Posted by: GJ North
- Category: SMSF
If you’re thinking of starting a self managed superannuation fund (an SMSF) in 2023, you need to be aware of the recent changes made by the ATO on fund registration, and the application of the Director ID regime to funds with corporate trustees.
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Thinking of ditching your SMSF?
- 28 August 2022
- Posted by: GJ North
- Category: SMSF
Are you having doubts about using your self managed superannuation fund (SMSF) for your retirement? Whatever your age, if recent market conditions, cost or the amount of administration involved are getting to be too much and you would like to wind up the SMSF, there are several steps involved.
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SMSF COVID-19 relief measures have now ceased
- 28 August 2022
- Posted by: GJ North
- Category: SMSF
The ATO has reminded trustees of self managed superannuation funds (SMSFs) that COVID-19 relief measures that previously applied for the 2019–2020, 2020–2021 and 2021–2022 income years no longer apply from 1 July 2022.
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ATO’s COVID-related support for SMSFs
- 9 May 2022
- Posted by: GJ North
- Category: SMSF
Because of the financial impacts of COVID-19, trustees of a self managed superannuation fund (SMSF), or a related party of the fund, may provide or accept certain types of relief, which may give rise to contraventions of the super laws. Some trustees may also have been stranded overseas because of travel bans, which can affect their fund’s residency status.
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