nvesting in collectables inside an SMSF is allowed, but it is one of the highest‑risk compliance areas under ATO scrutiny. Collectables and personal‑use assets are heavily regulated to ensure there is no present‑day benefit to members or related parties, and that the SMSF remains compliant with the Sole Purpose Test. Below is a structured breakdown […]

(ATO‑aligned checklist, evidence hierarchy, and audit file tips) Valuation evidence for unlisted investments, challenges, and Audit Requirements for adequate, appropriate audit evidence. 1) Core law SMSF Auditor auditing against 2) ATO’s specific guidance for unlisted shares and units (what counts as evidence) Appropriate audit evidence to support the trustee’s market value for unlisted companies or […]

Overview and why it matters Non‑arm’s length income (NALI) and non‑arm’s length expenditure (NALE) are integrity rules that can materially change the tax outcome for a self‑managed superannuation fund (SMSF). Where income or expenditure is found to arise from non‑arm’s length arrangements, the ATO can treat affected income as NALI and tax it at the […]

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: Trustees must make sure all investment decisions are made in accordance with the documented investment strategy of […]

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 […]

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 […]

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 […]

Self Managed Super funds why use Market Valuations Australian Taxation Office Superannuation Circular 2003/1 Introduction1. 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 […]