Actuarial Changes Made Simple – Everything you need to know

Continuing on with the trend of increased complexity, the SMSF sector has seen more changes to legislation, this time with regards to the calculation of its exempt current pension income (ECPI). These changes are already in effect and apply for […]
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Why do Auditors always ask for a Property Title?

  From an audit perspective, asking for a property title is one of the most common queries we send to our clients. So why do we ask for them annually? The ATO expects all auditors to obtain evidence of ownership […]
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New Reporting Obligations for SMSFs

In order to support the introduction of the $1.6m transfer balance cap (TBC) from 1 July 2017, the ATO has announced new reporting obligations for SMSFs. From 1 July 2018, any SMSF that has a member’s balance with $1 million […]
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Purchasing Farmland under a Limited Recourse Borrowing Arrangement

  Case Study – Smith Superannuation Fund John Smith is the sole member of the Smith Superannuation Fund The balance of the SMSF is $1m John is interested in using a Limited Recourse Borrowing Agreement (LRBA) to borrow $300k to […]
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Auditor Reporting Guidelines

One area of discussion that can often be rather unclear is, “when are auditors required to notify the ATO of a breach in the SIS Act?” Firstly, the auditor needs to identify a contravention. This can be black and white […]
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Related Party Trusts in Breach – But Where is the breach?

Case Study – Smith Superannuation Fund John Smith is the sole member of the Smith Superannuation Fund At 30 June 2017 the fund has $1.2m in total assets (at market value) The fund owns 100% of the units in Smith […]
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Binding Death Benefit Nominations

Ever wondered what happens in the unfortunate event of a member in an SMSF passing away? There are a few different paths that the benefits can be directed to, one of which is a death benefit being paid out. A […]
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Differences in Pension and Lump Sums for members under and over 60

Taking out a pension before the age of 60 can often result in the fund being subject to higher tax rates… but not always. Taking out lump sums as opposed to pensions for members under 60 can sometimes save the […]
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LRBA Safe Harbour Rules – Compulsory?

The ATO’s release of the PCG (Practical Compliance Guideline) 2016/5 outlines the safe harbour rules for SMSF related party limited recourse borrowing arrangements (LRBAs). These safe harbours detail the interest rates, debt-to-equity ratios and other terms that are required for […]
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