Avoid these 4 top SMSF mistakes

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Avoid these 4 top SMSF mistakes

Ensure you avoid these 4 common breaches. (A breach occurs when a fund fails to comply with the Superannuation law).
• Loans made to related parties
• More than 5% in-house assets (related party investments, with some exceptions)
• Assets not held in the correct name
• Documents requested by auditors were not provided

When a breach does occurs, an auditor must report this to the ATO when the value of the breach exceeds $30,000 or 5% of the value of the fund’s assets.

Please contact David Howells for more information.

By |2017-02-07T14:06:54+00:00August 9th, 2015|Categories: Featured, SMSF, SMSF Audit|

About the Author:

David Howells
David is passionate about helping clients improve their businesses and achieve their goals. He is an expert Auditor who also specializes in Business Advisory, Strategic Tax Planning, and compliance of Not-For-Profits & Self-Managed Super Funds.Contact David via email or call 02 4455 5333.