Administering and Reporting

Administering and ReportingUnderstanding SMSFs

3 common SMSF mistakes and how to avoid them

Managing an SMSF can be difficult. However, with the right skillset, effective organisation and specialist advice, SMSFs can be a great vehicle to fund your retirement. Each year the Australian Tax Office (ATO) releases the most common mistakes that SMSF trustees make when administrating their SMSF. Unfortunately, these mistakes continually revolve around an SMSF being…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

Your insurance cover may be changing

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has specifically directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may…

Administering and ReportingSMSF InsightsUnderstanding SMSFs

Transfer Balance Account Reporting (TBAR)

From 1 July 2017 superannuation fund members are subject to a $1.6 million transfer balance which limits the tax exemption for assets funding superannuation pensions. The Transfer Balance Cap (TBC) encompasses a significant amount of monitoring for an individual.  This monitoring is to be facilitated by the Australian Taxation Office’s (ATO) event-based reporting framework. Event-based…