ASF Articles
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...
The Impact of Part A Qualifications
Before it became an ATO reporting requirement in the 2019 annual return, Part A qualifications were primarily ignored within the SMSF industry. Discussions centred mostly around compliance...
The New Era of SMSF Penalties
We’ve entered a new era of SMSF administrative penalties where trustees are facing the consequences of any illegal activity in their funds. The anecdotal evidence suggests that SMSF...
How to Pass the Sole Purpose Test
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...
New Rules Turn NALI Into Gnarly
The government has recently passed legislation to reduce the ambiguity surrounding the effect of non-arms length expenditure (NALE) on...
Does SMSF Litigation Risk Die with Trustees?
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...
Why Didn’t My SMSF Auditor Check That?
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...
Accepting EOFY Contributions After June 30
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...
3 Simple Rules for Related Parties
Trying to identify related party transactions in an SMSF can seem like pulling apart a set of Russian dolls: the first entity links to another entity, which, in turn, has another entity...
The Hidden Path to Independence
ASIC recently announced that seven (7) SMSF auditors with independence issues were either deregistered or had a condition placed on their registration. It's beyond belief that SMSF...
What’s the Value of an Unlisted Asset?
Two recent cases[1] involving SMSF auditors have focused industry attention on the obligation of SMSF auditors to verify assets valued at market value. The headaches start, however, when a...
