Self Managed Super Funds

• 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 […]