Blog
Reviewing your SMSF investment strategy when starting a pension
When transitioning from the accumulation phase to the pension phase in a Self-Managed Super Fund (SMSF), it's crucial to reassess your fund’s investment strategy. In fact, as we highlighted in our blog a few months ago, there are several other events – such as changes...
Managing excess concessional contributions in your SMSF
Exceeding concessional contribution caps in a Self-Managed Super Fund (SMSF) is a situation that many trustees face, often unexpectedly. Whether it’s due to a redundancy payout, a bonus, or simply an oversight, understanding your options for managing these excess...
What to do if you can’t find your SMSF trust deed
The trust deed is one of the most important documents for a self-managed super fund (SMSF). It sets out the rules for how the fund operates, including investment decisions, member benefits, and compliance with superannuation laws. Losing this document can be a serious...
Ensuring your SMSF wallet meets cryptocurrency audit requirements
Investing in cryptocurrency through a self-managed super fund (SMSF) is becoming increasingly popular. However, strict regulations apply, and one common compliance issue that we see at Audit your Superfund is proving the audit trail when transferring cryptocurrency...
Minimum pension requirements in SMSFs: What trustees need to know
Lately, we've come across several superannuation funds that have failed to meet their minimum pension requirements. This is more than just a minor oversight – it is a compliance breach of Regulation 1.06(9A) of the Superannuation Industry (Supervision) Regulations...
Welcoming a new trustee to your SMSF? Key steps to stay compliant
Adding a new trustee to your Self-Managed Super Fund (SMSF) is a significant decision and requires a precise set of steps to ensure compliance with superannuation legislation and regulations. Whether you’re bringing in a family member, accommodating a new Director, or...
Lending from your SMSF: What’s allowed and what’s not
Self-Managed Super Funds (SMSFs) come with a level of flexibility and control that many find appealing, but they also come with stringent rules. One area of common misunderstanding -and potential breaches - is lending from your SMSF. Recently, Audit Your Superfund has...
Protecting SMSF Assets: Ensuring Proper Ownership and Compliance
Managing a Self-Managed Superannuation Fund (SMSF) comes with the critical responsibility of ensuring that the fund's investments are managed separately from personal or business investments of its members. This blog explores the importance of correctly recording...
The impact of the new expense rule on SMSFs
Please note that recent changes to tax regulations regarding superfund expenses may impact your client’s SMSFs. The new rules took effect on 29 June 2024 but are retroactive to 1 July 2018. The new regulations address ‘non-arm’s length general expenses’ (NALE). These...
SMSF property valuations: Obtain the valuation support now for June 2024 audits
It is a regulatory requirement for all SMSFs that assets be valued at their market value when preparing the fund’s annual accounts and financial statements. Additionally, SMSF auditors are required to gather sufficient and appropriate evidence to support the value of...
Reducing audit queries for investment strategies
The ATO requires that every SMSF client must prepare and implement a strategy for their investments and review it regularly. Regular review is essential to not only ensure compliance with the law, but also to make sure that the members' retirement goals are on track...
June contributions – getting the timing right
With 30 June approaching, now is the time to ensure your clients are getting the best outcome from their super contributions. It’s vital to ensure contributions are received before the end of June. For Individuals For SMSFs, contributions need to hit the fund’s bank...
Buying commercial property from a related party
“My client’s Self-Managed Superannuation Fund (SMSF) is buying a commercial property. What will I need to provide for the audit?” When an SMSF buys a commercial property, certain documents and evidence need to be provided for the audit. The specifics depend on whether...
Issues with SMSFs, related party agreements and rentals
As we noted in a recent blog post on property valuations for SMSFs, properties have become increasingly popular investments for self-managed super funds in recent years. However, there are several risks to be aware of when a trustee invests in either residential or...
What to Look for When Engaging an SMSF Auditor
The recent changes to SMSF auditor independence standards will likely result in tens of thousands of funds moving to different auditors in the next year or so. If you and your clients are in the position of moving to a different SMSF auditor, how can you select one...
Are my SMSF Investments named correctly?
The benefits of investing in an SMSF allows members to have control over investments and have the choice of investing in many areas such as direct property, listed shares, managed funds, private investments and unique/unusual investments. The super fund holds these...
COVID-19 Superannuation Changes: What you need to know
On March 22nd the Federal Government announced a raft of changes in their financial aid package to assist anyone adversely affected by COVID-19 pandemic. Among those changes was the announcement of special access to superannuation funds and changes to the minimum...
Investment Strategy Guidance Released by ATO
Following on from our blog on the importance of an investment strategy review, the ATO has released further guidance for SMSF investment strategies. The ATO stated that the investment strategy of an SMSF should be ‘your plan for making,...
Is it Time to Update your Trust Deed?
Think back, when was your trust deed last updated? A deed should not be a document filed away and never looked at again.
Audit Your Superfund wins SMSF Adviser Award
Audit Your Superfund is excited to announce we have been awarded the SMSF Adviser's Editor's Choice Award for providing outstanding service to our local SMSF community. Audit your Superfund has won the state-based Metro Firm of the Year 2019. AYS' relationship...
Work Test Exemption Explained
There have been some changes to the work test exemption from 1 July 2019. See below further information regarding these changes. The Work Test – What is it? The work test generally applies from a member's 65th birthday. To satisfy the test, a member must have been...
Independence of a SMSF Auditor – Don’t Risk It!
In the first half of the 2018/2019 financial year, the ATO referred 37 self-managed super funds auditors to ASIC for independence breaches. This operation was part of the ATO crackdown aimed at reviewing SMSF auditors in an attempt to unearth an intentional failure to...
The Importance of an Investment Strategy Update
What is an Investment Strategy? The investment strategy is not just a required document for a super fund audit, it guides the entire direction of the fund's investments. An SMSF trustee is required to document an investment strategy that has regard to the following:...
Why are signed documents so important?
We frequently receive queries from clients asking why the documents they have submitted for their audit must be signed. Often, we receive documents that are partially completed. For example, the document could be signed by the trustees but not dated and therefore...
All you need to know about the non-concessional contribution cap.
Non-concessional contributions are contributions that are made to super from after-tax income or savings. What are the non-concessional cap limits? As of July 1st 2017, the non-concessional contributions cap allows members to make personal after tax contributions of...
Work Test over 65 years (including managing investment property)
If you are aged 65 or over (but under the age of 75) you can make voluntary super contributions providing you have been gainfully…
Don’t risk a cheap or substandard audit
Recently, an Australian court ruled that the auditor of a self-managed super fund (SMSF) was liable for a client’s investment losses because…
ATO expecting Contribution errors in 2017/2018 Superannuation Funds Annual Return
Careful planning needs to be thought about to ensure members do not exceed their contribution caps. Some clients who have…
The changing face of Australia’s super savers
How many of your clients are female SMSF trustees born after 1976? If ATO statistics are anything to go by the answer is probably…
3 SMSF compliance points the ATO will focus on in 2018
Following the July 1 super changes, the ATO will be paying particular attention to certain areas of compliance. When advising your…
Understanding the demographics for SMSF trustees
Picture a typical SMSF trustee. Who do you see? Everybody has their own idea of the typical Australian who wants to manage their own wealth…
When can an SMSF lend to a member?
If you’re not monitoring your SMSF compliance, you may find yourself liable for a number of contraventions. Loans to…
Tips for when trustees want to wind up an SMSF
Why wind up an SMSF? Most of the time, because it’s no longer necessary. Trustees may have passed on, or there may no…
SMSF myths Australians need to be aware of
Complacency can lead to contravention. When trustees enlist your services to assist with a self-managed super fund or just…
A guide to buying property with an SMSF
Property just won’t stop. CoreLogic’s monthly indices to end of May 2017 show that across Sydney, Melbourne, Adelaide, Brisbane…
Dealing with the pension phase transfer balance cap
Your trustees will know about the SMSF transfer balance cap by now – but what can they do about it? As of July 1st 2017, funds in retirement…
Have your SMSFs breached the arms-length rule?
Ensuring SMSF compliance at all times is quite the job. For financial advisers and accountants, it means close scrutiny of the…
SMSF Auditing and Property Valuations: How does it work?
Property valuations are often a contentious issue for SMSF auditors. The auditor has a responsibility to confirm the assets of the fund are…
How will the upcoming changes to superannuation affect trustees of SMSFs?
Some trustees may be questioning if superannuation is the best place to hold their retirement nest egg. Whilst some of the tax benefits…
There are more SMSFs in Australia than pet reptiles (and other facts)
Look, we know talking about self-managed super funds in a relatable way is hard. The ATO tried it once – they wrote an entire BuzzFeed…
Independence is the foundation of a good SMSF audit
In recent years, both the ATO and ASIC have shone the spotlight on the independence of SMSF auditors in Australia. This scrutiny of SMSF…
What happens when an SMSF isn’t compliant?
As SMSF auditors, we review thousands of funds every year, many will be compliant. However, there are always some that don’t meet…
Don’t open that wine – it might breach SMSF compliance
It might be a Mona Lisa, or it might be a case of Grange. As of the 1st of July 2016 the transitional provisions for collectable and personal use…
2016 Budget Notes
Tuesday May 3rd will not be looked upon fondly by many retirees, given the restriction on tax concessions for those with balances over…
Superannuation – access to benefits “Severe financial hardship”
There are restrictions to accessing superannuation benefits prior to reaching age 65.In some cases limited cashing restrictions are…
How to have a good SMSF audit Part 1
We have detailed below documents required to have an efficient and quick audit. Initial fund engagement An auditor needs to review the…
End of financial year tips for SMSF trustees
As the end of the financial year looms, now is a good time to review your Self-Managed Superannuation Fund (SMSF). Take the time now…
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