Super Industry News

Super contribution strategies for 2022 and beyond

Neil Sparks, BT on Legs and Regs

Nathan Yi, NY Lawyers - Trustee discretion and the payment of death benefits

Belinda Aisbett, SuperSphere

Phil Broderick, Sladen Legal

Dan Butler, DBA Lawyers

Kellie Grant, Director, SMSF Trustees Portfolio

Watch Taila McBride, Manager BDO webinar on A beginners guide to SMSF's here

Watch the recoding of today's Cyber security webinar presented by Hoplon Security's JF Tixeront here 

The ATO Self-managed super fund quarterly statistical report – June 2021 is now available. It provides our latest statistics on the self-managed super fund (SMSF) sector. Highlights include:

There are 597,900 SMSFs.

There are 1,114,529 members of SMSFs.

The total estimated assets of SMSFs are just over $822 billion.

The top asset types held by SMSFs 

Last week the ATO experienced system issues which resulted in short-term or intermittent access issues for the ATO Small Business Super Clearing House (SBSCH), External Clearing Houses and ATO Online Services.

The intermittent system issues may have delayed the receipt by super funds of some superannuation payments.

If last week's systems issues led to superannuation payments being received by a super fund after 30 June, when it was intended to be submitted by 30 June in order to claim a deduction for the 2020-21 year, the ATO will take a practical compliance approach and not allocate resources to determine which year the deduction was claimed.

3 June 2021 webinar featuring Simon Conolly, BDO - Getting money in and out of super - the basics

Presentations include:

Meg Heffron, Heffron SMSF Solutions - CURRENT SMSF ISSUES IN 2021

Lauren Ryan, Thinktank - LENDING PRESENTATION

Phil Broderick, Sladen Legal - SMSFs, PROPERTY DEVELOPMENT & SMSFRB 2021/1 - THE CURRENT STATE OF PLAY

Neil Sparks, National Manager SMSF Strategy

BT Tech Services - GETTING ADVICE FEES RIGHT

Dan Butler, Director, DBA Lawyers - SMSFs & FAMILY LAW & RELATIONSHIP BREAKDOWNS

The latest intervention in the $3 trillion super system is pitched as an overdue move to ensure transparency, accountability and higher performance. But it could have consequences far beyond these noble objectives. 

This ATO Practice Statement provides guidelines for the administration of penalties, including the circumstances we take into account when considering remission. It is an instruction to ATO staff and ensures a consistent and transparent approach.

SISFA supports the legislative instrument re rental deferrals with some suggested changes

SISFA welcomes and supports the introduction of the Bill that will increase the maximum number of allowable members in an SMSF from four to six. This measure is consistent with submissions that SISFA has made in the past in relation to increasing the maximum number of members for SMSFs.

This submission provides further feedback on a submission last December. SISFA's view that treating all the income and capital gains of a SMSF as non-arm's length income (NALI) when general or unallocated expenses are considered to be non-arm's length expenditure (NALE) is inappropriate and inconsistent to retirement income policy objectives.

Managing the challenges of 2020 made easier with these ATO initiatives

Super and Estate Planning - Julie Dolan KPMG

Dana Fleming, ATO

Andrea Carrick AG Tax Lawyers

NALI - where are we at? Simon Tisher, Barrister, Vic Bar

Phil Broderick Sladen Legal

Learn more about ThinkTank

Bryan Ashenden BT

Learn more about Superconcepts

Nick Ali Superconcepts

Learn more about Domacom

The ATO has just published a new site for trustees or professionals who need help. It includes:

• SMSF early engagement and voluntary disclosure services
• SMSF auditor professional-to-professional support services
• Reporting SMSF auditor number misuse
• Specific advice

"The ATO has just published a new site for trustees or professionals who need help.  It includes:

• SMSF early engagement and voluntary disclosure services
• SMSF auditor professional-to-professional support services
• Reporting SMSF auditor number misuse
• Specific advice

The ATO this week released some interesting stats on SMSFs - establishments, types of assets and members

The ATO today released key statistics and analysis of Australia's self-managed superannuation fund (SMSF) sector for 2016117. The main source of data is 2016-17 SMSF annual returns, which were typically due for lodgement during 2017-18

This ATO run webinar is for tax agents who lodge transfer balance account reports (TBARs) for their self-managed super fund (SMSF) clients.

The webinar will cover:

- how to use the online TBAR form

- advantages of using the form, including avoiding common reporting errors that cause reverse workflow

- a recap of what you need to report and when, as well as what you don't need to report

Read more on the ATO's proactive approach to addressing SMSF auditor concerns about the potential for their SAN to be misused to facilitate SMSF annual return (SAR) lodgement.

As announced by Dana Fleming at the recent SMSFA National Conference, we will be providing all SMSF auditors with a list of funds that reported their SAN on SARs for the 2017 income year.<

SMSF auditors can expect to receive these fund lists by email in one of three scheduled mail outs planned for March, April and May.

You can access the full article here. Please feel free to share this information with your members.

Assistant Commissioner Dana Fleming recently spoke at the SMSFA National Conference, which was held in Melbourne from 20 to 22 February.

Click here for a copy of her speech, titled SMSF Regulation: An Update, has now been published on the ATO'S website

"Keen to eliminate confusion about the status of SMSFs and its ability to accept employer contributions or rollovers from another fund, the ATO&nbsp;have published an SMSF News article on the proposed changes. The article includes information on:<br />

• Changes to when the notice of compliance will issue
• The changes to the SMSF&rsquo;s status on Super Fund Lookup, and
• Our reasons for the change.

The ATO recently announced a new initiative designed to help protect the integrity of the self-managed superannuation fund (SMSF) sector. Before the end of 2018-19 financial year, the ATO will be publishing details of disqualified SMSF trustees on its website to help people easily search and ensure they do not engage a trustee who has been disqualified.

The ATO are planning to make some changes to eliminate confusion about the status of a self-managed super fund (SMSF) and its ability to accept employer contributions or rollovers from another fund.

Please click on this link to view the article and feel free to share this information.

Read about our new type of membership called a SISFA Trustee Member which incorporates services and support, by way of protection, not found through any other organisation in Australia

When the Productivity Commission publicly released their final report into superannuation review this month no minimum balance for SMSFs would be recommended. Read more

The discussion around the impact of banning franking credit refunds as proposed by the Labor Party continues in earnest into 2019.

Public hearings are being held into the implications of removing refundable franking credits.

These public hearings provide an excellent opportunity for you to address the committee directly about how the proposed changes to refundable franking credits will affect your retirement. Your presence can send a strong and clear message that the proposed policy is inequitable.

You can register to attend a hearing here: https://stoptheretirementtax.com/registration/

If you are unable to attend the inquiry in person, you can send a submission by emailing economics.reps@aph.gov.au.

You can also find material regarding the policy and its impacts on SMSFs and retirees at the Alliance for A Fairer Retirement System's website: http://www.fairerretirement.com.au/news/.<br />"

See the comments as reported in the 2 August 2018 edition of the AFR

The ATO recently published its view on the implications of the Aussiegolfa Pty Ltd (Trustee) v Federal Commissioner of Taxation case. The Full Federal Court handed down its decision this case in August 2018.

The decision made by the Full Federal Court covered a number of issues however in...