A checklist for SMSF trustees at tax time Tony Kaye

There is much to consider as the 2019-20 tax year draws to a close.The Australian, June 8, 2020 With just over three weeks to the end of the 2019-20 financial year, there’s not much time left for SMSF trustees to make some key decisions. It comes with the territory of running a self-managed super fund, but this financial year there’s …

Push to give SMSFs the chance to invest like big funds

Financial Review, Jun 3, 2020 – 12.00am Billions of dollars held by mum-and-dad investors in retail and self-managed superannuation funds could be tapped for major greenfield projects such as the new airport at Badgerys Creek under a plan put forward by the Financial Services Council. The FSC wants national cabinet to endorse the creation of Australian Superannuation and Infrastructure Investment …

SMSFs suffer $70bn hit in virus shock

SMSFs suffer $70bn hit in virus shock The value of assets held by self-managed super funds slumped by 9.4 per cent compared during the March quarterThe Australian, May 26, 2020 Self-managed super funds suffered a $70bn hit from the market turmoil in the March quarter, putting further strain on the retirement savings of investors already battling a crash in interest …

Marsella case reveals the drastic consequences of an SMSF mistake

The Australian, May 8, 2020 For anyone involved with a self-managed super fund, action in the courts will occasionally reveal important aspects of how it all works. In SMSF professional circles the so-called Marsella case stands out. The court took drastic action in removing a daughter who was a duly appointed trustee of a family fund and reversed her decisions. …

Position your SMSF for recovery

Holding an overweight position in cash today helps immunise your self-managed superannuation fund portfolio from market gyrations. The Financial Review, May 5, 2020 In time investors will look back at the COVID-19 health and financial crisis in the same way they do the Great Depression, the global financial crisis and the dotcom bubble. It will be a key reference and …

SMSFs back in fashion as big fund managers flop

Provisional figures for the year to date show that commencements of new funds have bounced back with a powerful 16 per cent lift in newly registered funds for the first two months of the year. Picture: Getty ImagesThe Australian,  April 29, 2020 Widespread losses among professional fund managers are set to prompt a resurgence in the self-managed super fund sector, …

ATO warns self-managed superannuation funds on compliance

The ATO says noncompliance on reporting is highly correlated with the illegal withdrawal of funds The Australian, February 20, 2020 The Australian Taxation Office has warned the nation’s 600,000 self-managed super funds to comply with the law or face stiff fines, revealing almost a sixth of SMSFs worth a combined $20.5bn were failing their lodgement obligations. Assistant Commissioner Dana Fleming …

SMSF financial adviser cops five-year ban

The West Australian, 6 January 2020 11:00AM ASIC claims that Wayne Blazejczyk failed to disclose his interests in entities related to him in statements of advice to his clients. Credit: METHOD The corporate watchdog has slapped a five-year ban on a Perth financial adviser, claiming he failed to meet best interests obligations for self-managed superannuation fund clients. The Australian Securities …

Taxman targets top 50 SMSF auditors in compliance probe

The ATO in August targeted owners and auditors of about 18,000 SMSFs which have more than 90 per cent of savings tied up in a single asset class The Australian, January 1, 2020 Fifty of the country’s biggest self-managed super fund auditors, overseeing a collective $100bn in retirement savings, will be targeted by the Australian Taxation Office over the next …

Australian Taxation Office changing guidance on penalties relating to SMSFs

The Australian, 13 December 2019 The ATO has confirmed it is in the process of changing its guidance on the penalties relating to SMSFs. 6:21PM December 11, 2019 14 Comments Australia’s self-managed super fund sector is facing much higher cash fines after the tax office changed the way it applies its power over self-directed investors. Leading auditors across the sector …