News : Administration

Administration, Financial Planning

Advisers best placed to lead SMSF collaboration

SMSF collaboration model

Financial advisers should project manage SMSFs within a family office collaboration model in order to best serve trustees, an SMSF expert says.

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Accounting, Administration

Annual reporting no longer fit for purpose

SMSF annual reporting

The annual reporting model used by most SMSFs should be replaced by more frequent reporting because of the introduction of the TBA and TSB, an SMSF expert says.

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Administration, ATO

ATO to help track unused contributions

unused contributions carry forward

Administrative assistance being offered by the ATO should make monitoring the amount of a person’s unused concessional contributions cap with a view to using the carry-forward contributions provision much easier.

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Administration, Business News

SuperConcepts opens new SA office

SuperConcepts Adelaide office

SuperConcepts will expand its presence in South Australia after opening a new office, with plans to increase the operational staff based in the location.

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Administration, ATO

ATO ends use of spreadsheet TBARs

spreadsheet TBARs

SMSF advisers will be forced to use online tools to lodge transfer balance account reports after the ATO announced it will no longer accept spreadsheet-based reports after 31 October.

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Administration, ATO

Advisers warned to hold off on servicing own funds

SMSF non-arm's length income

SMSF advisers should wait for clarification as to whether managing their own fund’s affairs will be captured by changes to the non-arm’s length income regime.

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Administration, ATO, Pensions

ATO guidance needed on transitional TBA confusion

transitional TBA confusion

A lack of understanding about the TBA reporting requirements has resulted in pensions being double counted and members being unnecessarily penalised, an SMSF expert has claimed.

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Administration, Financial Planning

Debate sparked over adequacy of single SOA

SMSF statement of advice

A debate has fired up as to whether more than one statement of advice is needed for SMSF clients to adequately disclose the significant risks associated with this type of super structure.

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Administration, Estate Planning

Replacement trustee option essential in SMSF deeds

SMSF deeds replacement trustee

Trust deeds should ensure an SMSF have an option to nominate a replacement trustee in the event of a member’s death and not assume someone will be appointed to the role, an SMSF expert says.

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Administration, ATO

ATO addresses ineligible downsizer contributions

ineligible downsizer contributions

The ATO has highlighted the correct administration process for ineligible downsizer contributions for SMSF trustees.

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