ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses that have not yet taken advantage of the ATO's lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria to be eligible for the amnesty: had [...]
SMSF trustees need to truly understand diversification and better diversify their portfolios. The benefits of a well-diversified portfolio are numerous but the key ones that SMSF trustees should focus on are the benefits of mitigating volatility and short-term downside investment risks, preserving capital and the long-run benefits of higher overall returns. By spreading an SMSF’s [...]
Have you considered what you will do if an unexpected event occurs? Your SMSF is a long-term plan. Much can happen during this time including illness, incapacity or death of a member. It is best practice to have contingency plans in place to deal with unexpected events. For example, if a fund member dies, leaving [...]
You may have noticed significant media coverage recently regarding the Australian Labor Party’s proposed policy to stop SMSFs from receiving tax refunds for the franking credits they receive in conjunction with the dividends paid from Australian companies they own. What are franking credits and how do they benefit SMSFs? Under the Australian tax system companies [...]
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 [...]
