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 […]

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 […]

Expanded Super Reporting Revised reporting obligations will require superannuation providers to provide statements to us for all members who held an interest in the superannuation plan at any time during a reporting period, not just those for whom contributions were receive The purpose is to support a range of super reform measures, including enhanced online […]