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 […]

SMSF specialists getting due recognition Linked to increasing trustee sophistication By Darin Tyson-Chan and Samantha HodgeWed 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 […]

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, […]

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:   […]

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 […]

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 […]

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 […]

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 […]