ATO has had a big hand in letting SMSF know where it stands from time to time. It has brought its new penalty regime, especially in holding discussions with the Financial System Inquiry about how the LRBA transactions must proceed in the SMSF space. The premier body has come up with a few interesting SMSF statistics, too. Let’s read what they talk about.
Super News
Is SMSF Only for Millionaires?
Miranda Maxwell writes a piece for the Business Spectator where she argues over the truth and farce behind calling SMSF pursuit of millionaires. The ATO has released fresh stats talking about the extra costs (apart from the investment) attached to the SMSF game.
Which Superannuation Funds Have the Best Returns?
There is a rather disappointing research data result which shows that members of Superannuation funds have amassed lowest returns in the last three years or so. Those Australians who have put their retirement savings in balanced options have garnered only 8.1% for their efforts. In comparison, 2013 offered more than double the profit registered in 2014 (16.3%) and 2012 did not do badly either, fetching a decent 11.7%.
Managing SMSF on 2015
SMSF has had a terrific run of late and things may only get better from here looking at the trend so far. This said, SMSFs also need to be wary of certain aspects and look diligently into others to make the most of the opportunity at hand. The same is just as true, if not more, for the SMSF practitioners.
Former Hooters Employees Question Unpaid Super Payments
In an article for the Hospitality Magazine, Aoife Boothroyd puts focus on the claim of former Hooters Australia employees about how they have not been paid their Superannuation dues. There are cases of employees who have come on record saying they were never paid their Super despite giving clear account details.
What Your Accountant Should Know About Your SMSF
For SMSFs, it is significant that all their transactions go through the bank account of the fund. There must be an investment strategy in place and it should be compliant with the ATO guidelines. With this is mind, any such strategy is to be declared beforehand.
