Blog

The SMSF Documentation and administration industry is becoming more regulated, the reliance on the Accountants Exemption has been removed from 1 July 2016.  A key focus is from ASIC in providing advice and ATO on compliance for both Trustees and Auditors. Accountants continue to be exempt to provide Business Advice 7.1.29 (3)(c) and Taxation Advice...
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Australia’s Accounting bodies recommend that Accountants have four options in response to the removal of the Accountants Exemption. Refer your client to a licenced party (SMSF Works) Become an Authorised Representative of a licenced party (SMSF Works) Become licenced in your own right (SMSF Works has done this) Recruit / Joint Venture with a Licenced...
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An update from the ATO has confirmed that the proposed new penalty regime will proceed. On 14 December 2013 the government announced that it will proceed with law changes that give the ATO greater powers in dealing with SMSF trustees who breach super law. It is proposed that these new powers will apply to contraventions...
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The ATO has announced the key superannuation rates and thresholds for 2014/15, in line with average weekly ordinary time earnings (AWOTE). Key Points Concessional contributions cap – $30,000 (up from $25,000) Non-concessional contributions cap – $180,000 (up from $150,000) Non-concessional bring-forward cap (3 year rule) – $540,000 (up from $450,000) Concessional Contributions Caps The standard...
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The ATO has released a news alert which clarifies a number of the uncertainties surrounding pensions that are deemed not to have existed in a year in which the SIS standards were not met. Once an account based pension commences, there is an ongoing requirement for the trustee to ensure the minimum pension standards in the SIS...
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