A big drawcard for SMSFs is the control and flexibility that comes with them. On the flipside, giving members and trustees full access to their super fund assets and bank account comes with some potential dangers.

The Government has committed to deliver on their proposal to increase flexibility for those in their mid-60s to make contributions as well as other superannuation measures.

My clients want to ensure their superannuation contributions are tax deductible this year. When do they need to be paid by to be deductible in the 2019/20 year?

30 June is coming - make your pension and contribution payments on time!

Our work administering 4,000 funds and helping other practitioners with their SMSF queries has given us a useful insight into the key points an investment strategy needs to include to pass audit each and every year.

All SMSF trustees are required to “formulate, regularly review & give effect to” an investment strategy for their fund. The first person they often turn to for help is the fund’s accountant, but what can accountants do without a licence?

The ATO recently identified approximately 25,000 taxpayers who claimed a tax deduction in their 2018/19 income tax return for a personal super contribution but have missed a vital step in the paperwork side of things.

Since my article last month, the Australian 'mood' has definitely moved on from relief that Covid-19 cases seem to be under control to a new phase which is focussing on when lockdown restrictions will ease.

So your client has decided to wind up their SMSF? It’s vital for all involved to be aware of the potential traps in the windup process to avoid unnecessary costs and complexity.

Unfortunately the ATO has not finalised a controversial ruling that sought to treat all of a fund's investment income as "non-arm's length" income.

There are some situations where an SMSF is no longer suitable or appropriate for its members. However, it is not always possible to immediately wind up the fund.

There are many reasons why individuals choose an SMSF as their primary retirement savings vehicle. However for some, there will come a time when the SMSF is no longer appropriate for them.