News : Administration

Administration, Documentation

Accountants reject new reporting deadline

SMSF statements deadline

The proposed new deadline by which SMSF financial statements must be prepared has been rejected by two major accounting bodies in a joint submission to Treasury.

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Administration

Arrears contribution glitch arises

contributions arrears SG amnesty

A technical manager has revealed contributions made in arrears due to the super guarantee amnesty are causing problems for some SMSFs.

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Administration, Superannuation

Better SMSF insights to come

SMSF running costs

New research into fund running costs will soon be released by the SMSF Association to coincide with its SMSF week initiative.

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Accounting, Administration

Class releases trust administration product

class trust administration

Class has released a trust administration product that draws on its recent acquisitions and will integrate with its SMSF and investing platforms.

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Administration, ATO, Documentation

ATO spells out supervisory levy requirements

SMSF supervisory levy

The ATO has moved to better explain some variations to the annual supervisory levy SMSF trustees are required to pay when they lodge the fund’s annual return.

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Administration, Property

Heffron launches rent relief toolkit

Heffron toolkit

Heffron has launched the second stage of its Super Toolkit, covering auditor and ATO requirements related to COVID-19 rent relief measures.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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Administration, Documentation

Annual return sign-off timing important

SMSF annual return sign-off

The procedural timing for the sign-off of an SMSF annual return is critical and carried out incorrectly can result in compliance issues and penalties.

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Administration, Superannuation

COVID-19 residency relief exists

residency status SMSF return

COVID-19 relief exists for the rules governing the definition of an Australian super fund, eliminating the need to report a change in residential status on the 2020 SMSF annual return, a technical expert has said.

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Administration

Administrator offers data-matching portal

SMSF Alliance data-matching

SMSF Alliance has upgraded it portal, offering a data-matching service for trustees that can be used by advisers to generate new sources of fee income.

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