SUPERCentral News
SMSFs must now appoint their auditor at least 45 days before the lodgement date of the return.
SMSFs which were established during the 2012/13 financial year must lodge their first SMSF annual return by 28 February 2014.
Where the registration of an SMSF has to be cancelled, tax agents can now use the Tax Agents Portal to effect the cancellation.
According to the Actuaries Institute of Australia, an individual aged 65 and now commencing retirement will have a life expectancy of 21 years for males and 24 years for females.
The current version of the SUPERCentral Governing Rules - Version 11/13 which applied on and from 27 November 2013 - has been registered under the Queensland Land Title Act as a standard terms document. The reference number is 715488402.
Based upon the ASFA Retirement Standard a couple wanting a comfortable lifestyle in retirement will have to spend $57,195 pa. A single seeking the same comfortable lifestyle in retirement will have to spend $41,830 pa.
SUPERCentral will shortly integrate a choice of CMA services into its SMSF fund set up process. Members will be able to set up the fund, corporate trustee and choose a CMA for the fund in one single step to make the process easier. Also to be released soon is our innovative Estate Planning service which enables Advisers to directly guide their clients through to a solution tailored to the client specific needs.
SUPERCentral members can now provide their Auditors with special access to view some or all of their funds on the SUPERCentral system. The new audit access process is streamlined and easy to set-up in just 4 simple steps. Your auditors only see the documents relating to each SMSF that you choose, during a set time period. A legal compliance statement for 2012-13 financial year can also be accessed through your SUPERCentral Tool Kit to assist your auditor.
The practice where contributions received by a super fund in June and immediately allocated to the unallocated contributions account for subsequent allocation to member accounts before 28 July has been confirmed by the ATO in a recently released Determination: TD 2013/22.
A recent AAT case has highlighted another example of the difficulties of managing superannuation contributions and the ease with which excess contribution problems can arise.
What happens when a member of an SMSF dies without having made a binding death benefit nomination? Most trust deeds, in this situation, provide that the death benefit will be allocated at the discretion of the trustee. Will all be well in the end?
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The new Treasurer has commenced the spring clean of previously announced tax and super changes. Almost one hundred announced but not yet enacted policy changes have been identified.
ASIC has issued a warning to SMSF investors to be wary of investment proposals that promote super gearing on the basis that the residential property to be acquired has special (and generous) financial incentives from the National Rental Affordability Scheme.
SMSF trustees have always been under a duty to adequately identify and keep separate fund assets from other assets such as personal assets of the trustee or assets of any sponsoring employer.
If an SMSF has individual trustees at the end of a financial year and a company is appointed as replacement trustee before the ATO has issued the income tax assessment notice, will the ATO issue the notice to the individual trustees or the company?
It has been suggested by the RBA that super gearing by SMSFs may be overheating the residential property market.
ASIC has released a consultation paper on SMSF disclosure which has generated some reactions amongst advisers.
This conference is a must do event for accountants considering the new and exciting services that are being provided through new online technologies.
Both volumes have now been updated to reflect changes in law, regulations and Tax Office Guidelines in the recent past.