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Self Managed Super Fund set-up

Self Managed Super Fund set-up  When Self Managed Super Fund (SMSF) is set-up and requires first year of the audit, please contact us to provide you with special discount. If you are a accountant, advisor or administrator looking for competitive audit fee package to get edge in the market place contact us today to discuss your requirements. […]

SMSF – Trustee Obligations and Prudential Standards

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 – C2012A00117   Schedule 1—Trustee obligations Superannuation Industry (Supervision) Act 1993 1  Subsection 10(1) Insert: enhanced director obligations, for MySuper products, means the obligations imposed by: (a)  section 29VO; and (b)  covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced […]

Are SMSF audits too expensive?

Self-managed super funds: A statistical overview 2009-10 Table 21: 2010 SMSF audit fees This table illustrates average and median SMSF audit fees reported on the 2010 SMSF annual return. It also distinguishes SMSFs whose auditors performed additional services for the fund and those who only performed the audit service. These figures are estimated based on […]

SMSF Insurance considerations, Market Valuation and keep assets separate

Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) – F2012L01654 Key updates: 1.      SMSFs to consider insurance for members as part of the fund’s investment strategy, 2.      Keep money and other assets of an SMSF separate from those held by a trustee personally and by a standard employer-sponsor or an associate […]

SMSF Limited recourse borrowing arrangements

Limited recourse borrowing arrangements – related party loans Issues raised   If a related party lender offers a discounted rate of interest to an SMSF under a section 67A borrowing arrangement, would the discount be considered a contribution received by the SMSF? Can an SMSF enter into a borrowing arrangement under section 67A of the Superannuation […]

SMSF Excess contributions tax –

  ATO released updated guidelines for the Excess contributions tax penalties. Guidelines are very helpful for trustees and Super administration firms which provides lots of clarity and puts the onus on having right processes in place once excess contribution event is identified. Practice Statement Law Administration PS LA 2011/24   SUBJECT:    Excess contributions tax […]

A snapshot of the superannuation borrowing landscape

Super borrowing is arguably the fastest-growing area of financial advice, and a potentially lucrative one for self-managed superannuation fund (SMSF) advisers. Anecdotally, there is increased client demand in the area, and more and more products and services are finding their way to the market. However, as a field of advice, super borrowing is not without its challenges. […]

SMSF specialists getting due recognition

Linked to increasing trustee sophistication By Darin Tyson-Chan and Samantha Hodge Wed 25 Jul 2012 Practitioners considered experts in the field are the favoured basis for SMSF advice, a new survey has shown. Individuals seeking advice on their self-managed superannuation funds (SMSF) are preferring to use the services of a professional who is an expert […]

SMSF Auditor Registration

  On 23 June 2012 the Australian Government announced the details of the self managed superannuation funds (SMSF)  auditor registration requirements. From 31 January 2013, auditors of SMSFs will be able to apply for registration with the Australian Securities and Investments Commission (ASIC). All auditors must then be registered with ASIC by 1 July 2013 to continue auditing […]

Self Managed Super funds why use Market Valuations

Australian Taxation Office Superannuation Circular 2003/1   Introduction 1. The Australian Taxation Office (ATO) intends that self managed superannuation funds should use market values for all valuation purposes. This includes valuations for determining the purchase price of a pension and the use of market value accounting for all financial statements. 2. The purpose of this […]

Guide to self-managed superannuation funds

Setting up an SMSF When you set up an SMSF you become a trustee (or the director of a company that is a trustee). What it means to be a trustee A trustee is responsible for running the fund and acting in the best interests of the members. As a trustee you need to manage the […]

What SMSFs can expect from the 2011-12 compliance program

ATO Commissioner Michael D’Ascenzo launched the ATO’s new SMSF compliance program on 30 June 2011. While ATO continue to work with SMSFs to fix genuine problems, ATO also take firm action, including making funds non-complying, if they commit serious breaches of the rules. This year, ATO SMSF compliance activity will focus on:  newly registered funds, […]

SMSF independent auditor’s report 2011

The Self-managed superannuation fund independent auditor’s report (NAT 11466, RTF 345KB) are instructions and a form that you should use if you: –          are an approved auditor, and –          have been appointed by a trustee of self managed superannuation (SMSF) to give a report on the operation of that fund for each income year. This […]

Setting up SMSF Investment Strategy

The trustees of an SMSF are required to prepare and implement an investment strategy for the superannuation fund. The strategy must reflect the purpose and circumstances of the fund and take into account: How to maximise member returns while having regard to the risk Appropriate diversification in a long term investment strategy; and The ability […]

Self Managed Superannuation Funds Collectables

SMSF—investment in collectables and personal use assets. The regulations may prescribe rules in relation to the trustees of regulated superannuation funds that are self managed superannuation funds making, holding and realising investments involving: (a) collectables (within the meaning of the Income Tax Assessment Act 1997); or (b) personal use assets (within the meaning of that […]