SMSF Tech

ATO to shut down ‘inexperienced’ SMSF auditors

The Australian Taxation Office has issued a warning that self-managed super fund auditors need to have performed audit work regularly to maintain the practical experience necessary to do their job properly. The ATO says it is writing to about 100…

Cutting SMSF red tape

The Government announced in the Budget that it would reduce costs and simplify reporting for superannuation funds by streamlining some administrative requirements for the calculation of exempt current pension income (ECPI). The term ECPI refers to income an SMSF earns…

Small lenders fill the SMSF lending gap

Commercial property lender ThinkTank is expanding its self-managed superannuation fund lending business, aiming to fill the gap left by the big banks exiting the market. Last month, Macquarie Bank notified brokers that it will stop offering SMSF limited recourse borrowing…

SMSF Association launches upgraded trustee website

The SMSF Association has launched a new website for self-managed fund trustees, offering a range of education and information services. The new site, SMSF Connect, replaces the Trustee Knowledge Centre. Association chief executive John Maroney says the new website makes…

Regulator targets SMSF non-lodgement

The current ‘key risk areas’ in the administration of self-managed superannuation include illegal early release, non-lodgement of annual reports, aggressive tax planning arrangements and high-risk auditors. The ATO reviewed 10 per cent of the 21,200 applications for registration of an…

Take extra care when planning a property development

With the residential property market in the doldrums, SMSF trustees looking for a bricks and mortar investment are turning their attention to commercial property. Some are even taking on development projects, which comes with some additional risks. SMSFs can carry…

SMSF trustees not acting in good faith

A court has removed the trustees of a self-managed superannuation fund after it found that they had not acted in good faith when distributing the assets of the deceased fund member. The ruling is a reminder that trustees must give…

Q&A 4 March 2019

Q: I am interested in the Pension Loans Scheme as I am on a full Aged Pension with no other income and my only assets are car, superannuation and home. At present I am topping up my aged pension with…

Q&A 25 February 2019

Q: I live in Townsville and my home was damaged in the recent flooding. My insurance company has offered me a cash settlement as a quicker way of dealing with my claim. I have seen reports that some cash offers…