ASF Articles
Subscribe
Can An SMSF Claim This as a Deduction?
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...
Why PS LA 2020/3 Covers All SIS Breaches
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...
SMSF Auditors Challenged by New Penalty Regime
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...
The Limitations Of Routine or Mechanical Accountants
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...
The Derivatives Lure Catching SMSFs
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...
Does a Joint Venture Pass the Sole Purpose Test?
In the last part of our feature series on property development, we discuss related party joint ventures and the difficulty of meeting the sole purpose test The overriding requirement of...
The Property Development Path Leading to NALI
Part 3 of our series in property development looks at the tax implications of not undertaking transactions on commercial terms. There’s a strange quirk in SIS which sees unsuspecting SMSF...
How a Routine or Mechanical Service Impacts Independence
There has been much discussion surrounding the updated Independence Guide, published by the APESB and Professional Accounting Bodies, concerning how a routine or mechanical service impacts...
Clearing the Murky Waters of SMSF Auditor Independence
The murky waters of SMSF auditor independence just got a whole lot clearer. The Accounting Professional & Ethical Standards Board (APESB) has released a new Independence Guide...
LRBA Property Development Catch-22
In this second article of our four-part series, we look at the compliance issues surrounding property development and LRBAs. One of the concerns outlined by the ATO in SMSFRB 2020/1 is...
Related Party Property Development Concerns
In the first article of our four-part series on SMSFs and property development, we focus on related party leases and how to keep them compliant. The ATO has flagged their concern...
What Happens Once an LRBA is Paid Out?
While paying out a limited recourse borrowing arrangement (LRBA) can free up cash and finally bring in some additional income for SMSFs, it's what happens afterwards that makes the SMSF...
