Self Managed Super Funds

lodgments of SMSF annual returns

Prepare for upcoming lodgments of SMSF annual returns

By Warren Kruger / April 16, 2024 / Comments Off on Prepare for upcoming lodgments of SMSF annual returns

SMSFs need to appoint an auditor no later than 45 days before they lodge their SMSF annual return (‘SAR’). In preparation for lodgment of the SAR, SMSF trustees also need to: complete a market valuation of all the SMSF’s assets; prepare the SMSF’s financial statements; and provide signed copies of documents to their auditor, so […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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