Category: News
Can an SMSF Buy a Farm from a Related Party?
An SMSF can buy a farm from a related party, but it must comply with the rules and regulations set out by the Australian Taxation Office (ATO) to ensure compliance with superannuation laws. The purchase of assets from related parties is generally prohibited under superannuation law to prevent member..Read More
Careers opportunities
iCare Super is specialist accounting and advisory practice focusing on SMSFs, with a large and growing client base across Australia. Join our dynamic team at iCare Super, where we excel in delivering top-tier services to SMSF trustees, accountants, financial planners, and brokers. As we expand ra..Read More
Concessional contributions cap for 2013/14
Concessional contributions include: -employer contributions (including contributions made under a salary sacrifice arrangement) -personal contributions claimed as a tax deduction by a self-employed person. Financial years 2013 - 2014 $25,000 (up to age 60) $35,000 (Age 60+) Tax on amou..Read More
What happens if minimum pension requirements are not met
ATO has clarified what the consequences are if minimum pension payment is not made: - A pension account ceases form the beginning of the financial year. The payments made already are lump sum withdraws. The SMSF will not be able to claim exempt pension income - A new pension starts if the minimum p..Read More
ATO has made changes to Trustee declaration (NAT 71089) and Self-managed super funds – key messages for trustees (NAT 71128).
As a result of ATO review, changes have been made to both documents. The most notable changes to the 2012 version of the Trustee declaration are the following inclusions: requirement that the investment strategy be regularly reviewed consideration of whether the fund should hold insurance cover..Read More
Certain arrangements to acquire property by SMSF contravene super law
ATO has recently issued Taxypayer Alert TA 2012/7 that describes certain arrangements entered into by self-managed super funds (SMSFs) to acquire property which do not comply with super law. SMSF trustees and advisers need to exercise care when investing in property. It is important to ensure any a..Read More
SMSF updates from Mid-Year Economic and Fiscal Outlook 2012-13
Key new tax and superannuation measures announced by the government include: 1. tax exemption for earnings (including capital gains) on assets supporting superannuation income streams to continue following the death of a SMSF member in the pension phase until the deceased member's benefits have b..Read More
ATO SMSF Compliance program 2012-13
In 2012/13 financial year, the focus of ATO SMSF compliance activity will be on: new trustees, to ensure they can operate their SMSF and are not seeking to illegally access their retirement benefits lodgment of fund annual returns to improve timeliness and also, in the case of new funds, to ens..Read More
New requirements for SMSF electronic lodgement
The SMSF annual tax return combines income tax, regulatory and member information reporting obligations. From 1 July 2012, the SMSF annual tax return will not be able to be lodged electronically if: - no assets are nil at the end of financial year, or - member balances are nil at the end of f..Read More
Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF
It is very important to examine when the Term Allocated Pension commenced because the Asset- test exemption (ATE) may apply. - Term Allocated Pension (TAP) purchased prior to 20 September 2004 are eligible for a 100% asset test exemption - TAP purchased from 20 September 2004 to 19 September 2007 ..Read More