This year, the Australian Taxation Office (ATO)’s spotlight will remain sharply on the Auditor Contravention Report (ACR). For reasons of ignorance or out of plain nefarious attitude, SMSF trustees often divert from the compliance norms of maintaining SMSFs.
Tag: self-managed Super Fund Compliance Archives
Compliance Guidelines Change After 1 July
Law firms working in the SMSF industry have cited key compliance issues, failing which can levy strict penalties on SMSF members. 1 July and beyond are not going to be as easy days to wade through as have been the days before 30 June. Learn more about the compliance guidelines change that will be implemented after 1 July.
Setting Up a Self-Managed Super Fund
The merits of a self-managed superannuation fund (SMSF) are redoubtable. Not for nothing has it earned a name for itself. The kind of control it can offer you over your investments and the range of assets it allows you to invest in is laudable. This said, there are minuses, too.
For instance, there is no point getting yourself an SMSF until you have something like $200,000 in the kitty. Add to it the running costs of the fund — nothing short of $1,000 to $1,500 annually. Leaving aside the debate over merits and demerits, let us discuss the protocols of setting up a self-managed super fund.
Crucial SMSF Compliance Mistakes
Based on the report of independent SMSF auditors, the Australian Taxation Office (ATO) furnishes a list of major compliance mistakes which SMSF trustees commit each year. It is a befitting exercise for a country that needs stringent regulation to govern about half a million SMSF funds in existence.
