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ATO’s SMSF Update
ATO’s SMSF Update The government has announced that it will proceed with law changes that give the ATO greater powers in dealing with SMSF trustees who breach super law. These new powers will apply to contraventions occurring form 1st July 2014 and cover: administrative penalties education directions; and rectification directions They will also apply to […]
ATO’s 2013 Compliance Program highlights
ATO’s 2013 Compliance Program highlights As usual, the ATO has released its annual Compliance Program, and following are some of the main ‘highlights’ of which all practitioners should be aware. Incorrect work-related expenses claims This year the ATO will pay particular attention to high claims made by: building and construction labourers, construction supervisors and project […]
SMSFs startup
By Bottrell Group on June 25, 2015 in Hints & Tips, Interesting Articles, Motivation, Social Media, The Bottrell Office
SMSFs startup ATO believes SMSFs need at least $200k to start up SMSFs startup In a document on the ATO’s website entitled “Thinking about SMSF”, the ATO indicates that, similar to the above report, it also believes that $200K is the minimum figure you need to “think about an SMSF”. The following are excerpts: Costs […]
ATO reminder on when to appoint an SMSF auditor
ATO reminder on when to appoint an SMSF auditor The ATO has reminded tax agents and trustees that, in June 2013, the regulation that prescribed the period for appointing an approved auditor was amended. The change means that trustees and their tax agents now need to appoint an approved auditor no later than 45 days before […]
BT pays $20,400 penalty for misleading statements
BT pays $20,400 penalty for misleading statements BT Funds Management Ltd (BT) has paid $20,400 in penalties after ASIC issued two infringement notices for misleading statements contained in the online advertising of BT Super. The misleading statements were contained in two separate online advertising campaigns. Each infringement notice imposed a penalty of $10,200. The first […]
Super update 3013
Super update 3013 Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at […]
Recent tax and super cases
Recent tax and super cases Sole director of corporate trustee did not ‘control’ trust The AAT has held that the sole director and shareholder of the corporate trustee of a discretionary trust did not ‘control’ the trust for the purposes of the CGT small business concessions. Instead, the AAT found that the trust was not […]
Review of unlegislated tax measures completed
Review of unlegislated tax measures completed The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. The government previously announced that 18 of those measures would proceed, 3 would be amended and 7 would not go ahead. Of the remaining 64 measures that were […]
Scandal-plagued IOOF Holdings launches internal review
Embattled financial services giant IOOF has buckled to shareholder pressure and appointed an “independent” adviser to conduct a full review of breach reporting as well as the company’s research division. The move follows revelations in Fairfax Media of serious misconduct by senior staff including insider trading, front-running, misrepresentation of performance figures and cheating on training […]
June 2014 Super Update from the ATO
June 2014 Super Update from the ATO On 12 March 2014, new privacy laws came into effect and mainly relate to what we do when we collect personal information. These amendments affect how we collect, store, provide access to and disclose personal information. This includes information that is provided to us from third parties including […]
Super update from the ATO
Super update from the ATO Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets […]
The importance of BDBNs
The importance of BDBNs Editor: A member of a superannuation fund may generally make a ‘BDBN’ which, if valid, requires the trustee of the fund to pay out their death benefits (i.e., after they die) exactly as set out in the BDBN. In the first case, a member of an SMSF expressed a desire in […]
Reminder: Lodging SMSF returns
Reminder: Lodging SMSF returns To help prepare for lodgment, the ATO is reminding those with SMSFs that their fund’s audit report needs to be completed before their SMSF annual return can be lodged. This is especially important for new registrants (i.e., those SMSFs registered in the 2012/13 year), as their 2013 SMSF annual return is […]
Typical ‘Self Managed Superfund’ Profile
Typical ‘Self Managed Superfund’ Profile Typical self managed superfund profile The latest ATO statistics on SMSFs highlight some interesting observations that can be made about the current batch of SMSF trustees. The total amount of wealth owned via SMSFs is over $500 billion, just under a third (31.2%) of all money invested via superannuation funds. […]
