SUPERCentral News
Much TV and newspaper time has been consumed by the topic of superannuation. In particular, for the need to reform (read change) the superannuation system.
We have recently increased the value of our company registrations, by comprehensively updating the legal documentation and providing it at the lower cost of $606 for an electronic copy or $683 for hard copy and special presentation binder from January 1.
When putting a new SMSF onto the SUPERCentral system the application form for the fund's Australian Business Number (ABN) and Tax File Number (TFN) is now automatically populated.
Both the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO) have recently released superannuation statistics. The former deals with the superannuation sector while the latter is concerned with self managed superannuation funds.
One of the more significant statistics from the ATO overview was that for the 2013-14 year, the estimated average operating expense ratio of SMSFs increased to 1.06% (compared with 0.65% over the three years to 2012) and average value of $11,200 (compared with $5,900 in 2010).
This controversy is whether which of the following benefit succession devices takes precedence: a reversionary pension or a binding death benefit nomination (assuming that they are inconsistent and both are valid).
We are pleased to advise that Townsends Lawyers have now updated our Company Establishment documentation.
This important new client support service document lists all of the legislative and regulatory changes that have been incorporated into the SUPERCentral Governing Rules from inception in 2006 to today.
The Auditing and Assurance Standards Board (affectionately known as "AUASB") has revised its Guidance Statement 009 which relates to the auditing of self managed superannuation funds.
A South Australian accountant has had a lucky experience with the Courts. The accountant was advising on a complex asset transfer of primary production land held by three brothers.
The current version of the SUPERCentral Governing Rules - Version 10/15 - which version applies on and from 30 October 2015, has now been registered in Queensland as a standard terms document.
If a self managed super fund is registered with the ATO on or after 1 January 2015, an annual return in respect of the 2014/15 financial year must be lodged with the ATO whether or not the fund holds any assets and whether or not a nil tax assessment is expected.
While the Government has clearly rejected the recommendation of the Financial System Inquiry to stop geared property acquisitions by super funds, it has, however, also requested that the ATO and the Council of Financial Regulators monitor leverage and risk in the superannuation system.
While self managed superannuation funds are not subject to the jurisdiction of the Superannuation Complaints Tribunal, the annual report of the Tribunal makes interesting reading.
The AAT has upheld a Veterans' Affairs assessment of a trust as a controlled private trust for the purposes of applying the Veterans' Affairs means test to the principal of the trust.
The Townsends Guides to SMSF Borrowing provide accountants and financial planners with an indispensable roadmap that clearly outlines the fundamental principles of an SMSF gearing.
The ATO has reconsidered its position on actuarial certificates for account-based pensions which commence part-way during a financial year.
The ATO has released its June 2015 quarter SMSF statistical report and the key items are summarised below.
For the 2014/15 financial year the ATO has achieved the following enforcement results against SMSFs.
A husband and wife who were trustees of their own SMSF have each been fined $20,000 for 68 lending breaches of the SIS Act.