I’ve heard the ATO recently talking about SMSFs and administrative penalties. What are they and what should my client do if they get one?

Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has received Royal Assent and in relation to the TSB changes is effective from 1 July 2018.

In any society that has seen an unprecedented and rapid increase in longevity, the ageing and retirement income policy settings are crucial. For this reason, the Government’s Review into the Retirement System is to be welcomed.

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 was passed by the Senate on Thursday 19 September. At long last, it allows certain people to opt out of receiving Superannuation Guarantee contributions.

The ATO updated its policies around the implication of late SMSF Regulatory returns on Wednesday - alerting trustees and accountants via changes to its website.

The ATO recently identified approximately 18,000 SMSFs who hold 90% or more of their assets in a single asset or a single asset class. The ATO is concerned that these funds may not have met their investment strategy requirements.

The term “as soon as practicable” appears several times in tax and superannuation law – it’s never defined and often has different meanings depending on the context.

There does not appear to be any restriction in the Superannuation Industry (Supervision) Act or Regulations (SIS) which would prevent a person acting under an EPOA from completing and signing a BDBN.

The Government has introduced two bills to the House of Representatives; one that had previously lapsed when the Federal Election was called, and one containing a long overdue improvement to salary sacrificing.

Approximately 10% of SMSFs own commercial property and often this commercial property is leased to a related party. There are a number of rules to follow to ensure the arrangement complies with the superannuation / tax laws.

Is it just me or do we have a policy review on some topic or another announced every five minutes?

It seems few are more surprised than Scott Morrison that the Liberal / National Coalition will be forming Government after the 18 May election.