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SMSF

Business news and views from Accountancy Group

Warning on SMSF asset valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can […]

By |10 April, 2024|SMSF|Comments Off on Warning on SMSF asset valuations

Can my SMSF invest in property development?

Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often […]

By |2 February, 2024|Property Investment, SMSF|Comments Off on Can my SMSF invest in property development?

SMSF reporting changes from 1 July 2023

If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Previously, SMSFs with a balance under $1m reported annually at the same time as lodging the SMSF annual return. 

By |9 February, 2023|SMSF|Comments Off on SMSF reporting changes from 1 July 2023

Acquiring collectibles inside your SMSF

Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.

Why?

The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of providing retirement benefits to members, or to their dependants if a member […]

By |21 September, 2022|SMSF|Comments Off on Acquiring collectibles inside your SMSF

6 Member SMFSs – the issues and opportunities

From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications?

Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA […]

By |15 July, 2021|SMSF|Comments Off on 6 Member SMFSs – the issues and opportunities

Your SMSF: when expenses and investments are not at arm’s-length

We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members).  We’ve set out some of the common questions and answers.In […]

By |21 May, 2021|SMSF|Comments Off on Your SMSF: when expenses and investments are not at arm’s-length
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