by Shelley Banton | Nov 11, 2019 | SMSF Compliance
Making sure an SMSF passes the sole purpose test (“SPT”) is one of the cornerstones of operating a compliant SMSF. One of the most important things to understand is that it’s not the type of investment dictating whether the SPT is met, but rather the purpose for which...
by Shelley Banton | Oct 14, 2019 | NALI
The government has recently passed legislation to reduce the ambiguity surrounding the effect of non-arms length expenditure (NALE) on SMSFs. Where a fund incurs less (or nil) expenditure by...
by Shelley Banton | Sep 9, 2019 | SMSF Litigation
How many times have we heard that it’s only an SMSF audit; there’s not much in the fund, or it’s not high-risk? For some reason, the perception still exists that an SMSF is more straightforward to audit than any other entity. Interestingly, the auditing standards that...
by Shelley Banton | Jul 29, 2019 | Audit Standards, SMSF Audit, SMSF Auditors
SMSF auditors are the last link in a long superannuation chain before the annual return gets lodged. And when things go wrong, SMSF auditors can often be an easy target to blame. But not everything is as simple as it seems because it’s the auditing standards and SIS...
by Shelley Banton | Jun 24, 2019 | Contributions
Typically, SMSF contributions aren’t counted until the payment is received in the fund’s bank account. The problems start, however, when June 30 falls on a weekend or Monday as this provides minimal scope for contributions to be accepted at the last minute. The...
