Can An SMSF Claim This as a Deduction?

Can An SMSF Claim This as a Deduction?

Dec 7, 2020 | Expenses

SMSF auditors have been witness to some outlandish expense claims and get frequently asked: “can an SMSF claim this as a deduction?”. One of the most extraordinary claims was for the cost of a 20,000-litre water tank purchased for a property owned by the...
Why PS LA 2020/3 Covers All SIS Breaches

Why PS LA 2020/3 Covers All SIS Breaches

Nov 14, 2020 | SMSF Penalties

Is there a glaring omission in the new Practice Statement Law Administration 2020/3 (PSLA)? It would appear at first glance that s166 SIS doesn’t cover all the reportable breaches of SIS and applies to specific provisions only. While this is technically true,...
SMSF Auditors Challenged by New Penalty Regime

SMSF Auditors Challenged by New Penalty Regime

Oct 26, 2020 | SMSF Penalties

SMSF auditors have been handed a small, but significant, shift in their responsibility as SMSF gatekeepers by the release of a new penalty regime under Practice Statement Law Administration 2020/3 (PSLA). The PSLA guides ATO staff on how to apply administrative...
The Limitations Of Routine or Mechanical Accountants

The Limitations Of Routine or Mechanical Accountants

Oct 12, 2020 | Audit Independence

The new rules for SMSF auditor independence are clear about the choice facing SMSF firms undertaking both the audit and accounting functions in-house: they can either continue doing the audit or the accounting work, but not both. Choosing the audit work means SMSF...
The Derivatives Lure Catching SMSFs

The Derivatives Lure Catching SMSFs

Sep 28, 2020 | Derivatives

As official interest rates hover at an all-time low of 0.25%, the derivatives lure catching SMSFs stems from their inability to generate acceptable returns through defensive assets such as cash and term deposits. While this predicament severely impacts SMSF trustees...