For many years it has been an attractive proposition for trustees to take out insurance for members within their SMSF in order to take advantage of certain tax deductions whilst also providing additional benefits to the members or their dependents. So what's new in insurance...
Options are just investment contracts with an obligation to pay based on an underlying share price. Options are used as part of hedging strategies and that's where ATO ID 2009/110 is relevant. To put it "simply" the Subdivison 295-B of ITAA 1997, overrides other parts of the...
[caption id="attachment_5203" align="alignnone" width="300"] Involve Trustees in their investment strategy[/caption] CPA Super Update yesterday raises the question I keep asking myself - Why do accountants do all their clients SMSF administrative work? Is it for efficiency or a lack of understanding from Trustees? In a recent speech,...
Super funds that are not 100% in pension mode, must apportion expenses to the extent that the expense relates to assessable income earned and exempt income earned. Broadly speaking, expenses incurred in relation to earning assessable income are generally deductible (s8-1), if they are incurred...
From the ATO SMSF News Alert 11 September 2013: Can the intended auditor still audit your SMSF? Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF's operations before they lodge...
Often accountants, due to their generous nature, try to avoid obtaining an actuarial certificate by manually apportioning income and expenses. However, where a member is accessing a transition to retirement pension and contributing to the fund, this method of apportionment is not a true segregation...
Self Managed Superannuation Funds (SMSF) are a form of trust which receives concessional tax treatment if they comply with the SIS legislation and regulations. To set up a SMSF, a trust deed is purchased, often through a qualified accountant, so there are expenses incurred prior...
Self-Managed Superannuation Funds (SMSFs) are allowed to borrow (refer s67(A) SIS Act), when the ‘single’ asset purchased is held in trust until the loan is repaid by the SMSF, and the asset is then transferred from the trust to the SMSF. A Limited Recourse Borrowing Arrangement...
As of 19 March 2013 TABS - Super Fund Auditors are officially registered SMSF auditors with ASIC.....
TA 2012/7: The ATO has become aware that certain arrangements entered into by self managed superannuation funds (SMSFs) to acquire property do not comply with superannuation law. The purpose of this Taxpayer Alert is to warn SMSF trustees and advisors to exercise care; ensuring any arrangements...