X

Browsing Category "General"

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 […]
Read More

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 […]
Read More

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 […]
Read More

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 […]
Read More

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 […]
Read More

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 […]
Read More

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 […]
Read More

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 […]
Read More

Are Pension minimums required in the year of Death?

A question we come across from time to time, the answer to which depends on the specific details in the pension documents. A pension will cease upon the death of a member, however this does not necessarily mean that pension […]
Read More
Loading...