Latest NewsInvesting in collectables and personal use assetsNew standards now apply to SMSFs that make new investments in collectables and personal use assets. The standards will ensure investments in collectables and personal use assets by self-managed super funds (SMSFs) do not give rise to a current day be... [read more] Illegally accessing super earlyIf you set up a self-managed super fund (SMSF) with the sole intent of accessing your super savings early, you are breaking the law. You should not be accessing your super early to pay off debts, buy a house or go on a holiday. Your super is intende... [read more] New SMSF returns now overdueThe ATO has advised that the due date for lodgment of returns for SMSFs registered during 2008-09 has now passed. Annual returns for 2009 were due by 28 February. Tax officers will be telephoning trustees of all SMSFs that registered during the 2008... [read more] Common SMSF breachesSpeaking at conferences of superannuation industry professionals earlier in the year, the ATO Deputy Commissioner responsible for superannuation, Neil Olesen, said the top three breaches were: loans made by an SMSF to a member or relative ... [read more] Henry who?Treasury Secretary, Dr Ken Henry, is due to hand down his report on the Austrlian tax system by the end of this year. The review announced on 13 May 2008 is meant to be a far-reaching look at the current tax system including all Commonwealth and Stat... [read more] ATO issues reminder re audit requirementIn a recent newsletter to SMSF trustees, the Australian Tax Office reminded trustees that the annual audit is a critical requirement that trustees must ensure occurs each year before lodgment of the SMSF annual return. The ATO recommends that you en... [read more] Moratorium on minimum draw requirements for super fundsThe Commonwealth government has announced a moratorium on minimum draw requirements for account-based pensions for the second half of the 08/09 year. This is intended as a relief measure so that retirees can avoid selling investments in the current m... [read more] | Categories:General |
