The end of financial year can be a frantic time for SMSF trustees as they scramble to get in last minute deductions and ensure the paperwork for their fund is in order.

SMSF trustees and advisers must be cognisant of several issues this year when lodging their 2016/17 annual returns, the SMSF Association has warned.

The SMSF Association is seeking clarity from the ATO over its position regarding the treatment of market-linked pension commutations on an individual’s transfer balance account.

A common query we receive is: How does the proportioning rule apply and how do you calculate the tax-free and taxable components in a superannuation benefit? This article aims to assist you in understanding the fundamentals of this rule.

The ATO has recently outlined its concerns with the use of reserves in SMSFs, making it clear it expects them to use reserves only in limited circumstances and for legitimate purposes, as set out in section 115 of the Superannuation Industry (Supervision) Act 1993. 

The ATO has revealed it has taken a renewed interest in certain SMSF activities and will closely monitor these key areas.

The ATO has warned SMSF trustees must seek professional advice to protect themselves from targeting by promotors of unlawful schemes and other questionable practices.