In our article “Why isn’t my actuarial % as high as I thought it would be?” we highlighted a number of scenarios where an actuarial certificate may appear to give an odd result.

This has become a common question since pensions and exempt current pension income (ECPI) got more complicated from 1 July 2017. In theory, we should also be asked why the actuarial % looks too high. Funnily enough we don’t get many of those!

The ATO has released a draft legislative instrument (SPR 2020/D2). It makes it explicit that some important situations created when SMSF landlords provide rent relief to tenants (as a result of Covid-19) will not result in an in-house asset.

The Government has extended the ability to withdraw $10,000 from super for those financially affected by the COVID-19 situation to 31 December 2020, and the ATO release integrity and compliance warnings.

All approved SMSF auditors are required to comply with the independence requirements set out in the APES 110 Code of Ethics. Recent changes to the Code and the associated Independence Guide will have major repercussions for the SMSF industry.

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.

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.

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.