Self Managed Super Funds

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 […]

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SMSF Recordkeeping

By Warren Kruger / March 15, 2022 / 0 Comments

Trustees of SMSFs have been put on notice by the ATO that keeping and maintaining good records is one of their key responsibilities and legal obligations.  Good record keeping ensures trustees can ensure accurate and timely SMSF accounts, audits and income tax return lodgments. As a result, the ATO has recently confirmed that even where […]

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Preparing For The New Director ID Regime

By Warren Kruger / November 9, 2021 / 0 Comments

| | | As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for once and will keep […]

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SMSF Limited Recourse Borrowing Arrangements Interest Rates

By Warren Kruger / July 20, 2021 / 0 Comments

  | | | The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF would be consistent with the safe harbour terms the ATO will accept for the 2021/22 financial year. Note that these rates are unchanged from those the ATO accepted for the 2020/21 […]

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Introducing SMSF Rollover Alerts Using Superstream

By Warren Kruger / July 16, 2021 / 0 Comments

  | | | Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (‘SMSF’). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]

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Warning Regarding New Illegal Retirement Planning Scheme

By Warren Kruger / April 1, 2021 / 0 Comments

  | | | The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities. The ATO warns that taking part […]

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