When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
Valuing fund assets for SMSFs
Essential Asset Valuation for SMSF Trustees: A Yearly Requirement Ensure accurate market value assessments to streamline your SMSF audit and annual return—learn how to provide the necessary evidence and avoid potential delays One of the many responsibilities SMSF trustees have every income year is valuing their fund’s assets at market value. The market value of […]
What laws do SMSFs need to adhere to?
Navigating the Legal Landscape: Responsibilities of SMSF Trustees Understanding the Legislative Framework and Compliance Obligations for Self-Managed Super Funds As a trustee of a self-managed super fund (SMSF) there are responsibilities and rules you must follow. At the most fundamental level, you need to make sure your SMSF is functioning under the relevant laws. As a type of superannuation fund, trustees […]
Illegal early access to super
Beware of Illegal Early Super Access Schemes ATO Warns Against Promoters Exploiting Super Funds for Non-Retirement Purposes Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to […]
Asset valuation guidelines for SMSFs
Mastering SMSF Asset Valuation Understanding the Importance, Principles and Processes of Valuing Self-Managed Super Fund Assets If you have a self-managed super fund (SMSF), you need to have your fund’s assets valued regularly to remain compliant with Australia’s superannuation legislation. While the Australian Taxation Office (ATO) generally accepts SMSF asset valuations that follow the guidelines, it […]
Super contribution caps to rise
Prepare for Changes as Concessional and Non-Concessional Caps Rise What You Need to Know for 2025 The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is broadly applicable […]
ATO warning regarding prohibited SMSF loans
Navigating Superannuation Compliance ATO’s Focus on Loans to SMSF Members Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. SMSF trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if […]
Losses in crypto investments for SMSFs
Navigating Cryptocurrency Investments in SMSFs Understanding Risks and Safeguards Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would […]
Care required in paying super benefits
Navigating SMSF Benefit Payments: Rules and Risks for Trustees Ensuring Compliance and Minimizing Penalties in Superannuation Benefit Distributions Generally, before SMSF trustees pay a member’s super benefits, they need to ensure that: the member has reached their preservation age; the member has met one of the conditions of release; and the governing rules of the […]
NALI provisions did not apply to loan structure
AAT Decision: SMSF Interest Income and Non-arm’s Length Income (NALI) A Look at the AAT Ruling on Exempt Current Pension Income and NALI Determinations The Administrative Appeals Tribunal (‘AAT’) has held that interest income derived by a self-managed superannuation fund (‘SMSF’) as the sole beneficiary of a unit trust was not non-arm’s length income (‘NALI’), […]
