SUPERCentral News
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.
All deeds are not the same. A deed to establish a discretionary trust is different to a deed to establish a unit trust. A deed to establish a family trust is different to a deed to establish a superannuation fund.
We've heard reports that some real estate spruikers are offering SMSF trustees holidays in Bali if they will seriously consider purchasing investment property from the spruiker's company.
The (previous) Government kindly and thoughtfully, not only brought forward the time for payment of the SMSF levy but also increased the amount of the levy.
The statutory rate at which base amount splits in SMSFs are to be adjusted is 7.3% pa. If a base amount has to be adjusted (eg because it has not been converted before the operative time) then the adjustment will be at the rate of 7.3% pa calculated for each day of the adjustment period.
If the market value of segregated assets exceeds the account balance of account-based pensions, then the relevant tax provision provides that, to the extent of the excess, those assets are not segregated assets.
The Determination notes that where the market value of segregated assets exceeds the pension account balance, the excess assets cannot qualify as segregated assets.