Self Managed Super Funds

Losses in crypto investments for SMSFs

Losses in crypto investments for SMSFs

By Warren Kruger / November 17, 2023 / 0 Comments

Over the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; theft, where fraudsters would hack into trustees’ crypto accounts and steal all their […]

Read More
annual payments for super income streams

Minimum annual payments for super income streams

By Warren Kruger / July 11, 2023 / 0 Comments

The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007 (e.g., account based pensions). If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for the member In […]

Read More
ATO advice for SMSFs thinking about investing in crypto assets | Taxwise Australia | (08) 9248 8124

ATO advice for SMSFs thinking about investing in crypto assets

By Warren Kruger / November 9, 2022 / 0 Comments

The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations who offer trustees help to set up a fund or use their existing fund to invest in crypto assets.  However, the ATO notes that some of these […]

Read More
ATO reminder about appointing an SMSF auditor | Taxwise Australia | (08) 9248 8124

ATO reminder about appointing an SMSF auditor

By Warren Kruger / September 13, 2022 / 0 Comments

The ATO is reminding trustees of self-managed super funds (‘SMSFs’) that they need to appoint an approved SMSF auditor no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before you need […]

Read More
ATO Targeting SMSFs That Fail To Lodge Annual Returns | Taxwise Australia | (08) 9248 8124

ATO Targeting SMSFs That Fail To Lodge Annual Returns

By Warren Kruger / July 15, 2022 / 0 Comments

The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers.  The ATO is particularly concerned where there has been a roll-over into these SMSFs, as this is a strong indicator illegal early release of superannuation benefits […]

Read More
SMSF – Statistical Overview From 2020 Lodgments Published | Taxwise Australia | (08) 9248 8124

ATO SMSF Statistics 2020 Overview Of Lodgments Published

By Warren Kruger / March 17, 2022 / 0 Comments

As of 30 June 2021, SMSFs have been reported as making up 25% of all super assets (i.e., $822 billion as of 30 June 2021). At the same time, there were approximately 598,000 SMSFs with almost 1.115 million individual members.  Furthermore, as of 30 June 2020, on average, each SMSF has assets of just over […]

Read More

Need Help With

Your Tax Return?

Complete the form below for a fast response

Scroll to Top
Call Now Button