Author: Admin

From 1 October 2021, SMSFs will need to comply with the SuperStream rules when processing rollovers into or out of the SMSF. SuperStream is a standard for processing data and payments electronically within the superannuation industry. SMSFs are required to process rollovers within three business days of receiving the rollover or transfer request. To use SuperStream, an SMSF will need the following: an ESA an ABN up-to-date details recorded with the ATO including the Fund’s unique bank account for superannuation payments For more information on SuperStream, please see here.

Due dates For new SMSFs, the first tax lodgement is due on 28th of February in the following financial year. For SMSFs that has been in existence from the second year onwards, the due date is on 15th of May in the following year. For example, the 2022 tax return would be due on 15 May 2023. If the SMSF has outstanding tax returns, the due date would be on 31st October in the same year. For example, the 2022 tax return would be due on 31 October 2022. Thus, it is important to keep your SMSF’s lodgements up to date in order to ensure the maximum time frame for lodgements is available to...

The ATO has recently updated their guidelines regarding year end market valuations for assets. The updated guidance aims to provide Trustees more responsibility in the process of obtaining evidence to support a declaration of an asset’s market value. In a recent change which can be viewed here, the ATO has updated its choice of wording, replacing “external valuation” with the wording “qualified independent valuation”. In addition, the Tax Office notes that where Trustees obtain a valuation by a qualified independent valuer they are not required to have a valuation...

Ensure you’re paying the right super to your employees. Whether you’re paying super for your employees weekly, monthly or quarterly, ensure that the following changes from 1 July 2022 are reflected: The super guarantee (SG) rate has increased from 10% to 10.5% The removal of the $450 per month eligibility when paying super (now, all ordinary time earnings have to be paid super) If super obligations are not met, a super guarantee charge (SGC) will apply. To avoid this, ensure the right amount of super is being paid to all eligible employees by the quarterly due date. More information...

Transactions with related-parties can be tricky for Trustees. Trustees should be cautious when purchasing certain assets from related-parties or entities controlled by a related party. However, there are exceptions such as listed shares or business real properties. Alternatively, there is an exception for in-house assets as long as the value of the assets are kept within the allowed range of less than 5% of the Fund. In some scenarios, related-party transactions can happen without even being noticed by Trustees. In our recent audit case, Trustees used their personal bank account to purchase...