With lockdown restrictions coming back into force in parts of the country many individuals and business may once again find themselves unable to earn any income in the short term – especially if they are only just recovering from previous lockdowns!
If your SMSF has a property and a tenant in financial distress, you may be able to provide your tenant with rental relief under an agreed commercial arrangement. This may even be the case when the tenant is a related party or yourself.
As a trustee, you probably don’t think too much about what happens once you drop all your SMSF information off to your accountant, financial planner or auditor (referred to as your administrator here).
It may surprise you to learn that many of these services are then outsourced to other companies – often to workers in developing countries like Vietnam, India and Malaysia.
You may be aware that the Government recently announced measures which allow individuals affected by the economic impacts of COVID-19 to access a limited amount of their superannuation early.
Making the decision to access your superannuation early is a significant one and if possible, should be encompassed by financial advice. The Australian Taxation Office have now released guidance on the process for accessing superannuation early from SMSFs to assist in cushioning the adverse economic effects of Coronavirus. Read more
The COVID-19 pandemic has affected everyone’s lives, and SMSF trustees are no exception.
While the worst of the pandemic is (hopefully) behind us, trustees still have difficult questions to ponder as they focus on how best to position their SMSF in 2020-21, as well as meet their annual regulatory obligations for 2019-20.
The ATO has released their bulletin for SMSFs highlighting their concerns with some of the riskier approaches to property investments. There are numerous strategies and ways for property to form part of an SMSF’s investments and each must be carefully considered to ensure it is within the law as well as meeting the SMSF’s investment strategy.
With the end of the financial year fast approaching, now is the perfect time to ensure everything is in place for your clients SMSFs before 30 June. The following are some superannuation strategies that you might want to know more about to get the best results for your clients.
As the saying goes “No one is perfect”. Unfortunately, the same is true with accountants, as much as we try to deny it! To prove it, the ATO has released a list of the top five most common issues found on lodged SMSF Annual Returns:
Choosing if and when to outsource SMSF accounting can be a difficult decision – but it doesn’t have to be!
There’s a massive range of prices being charged in the marketplaces for the annual accounting, taxation and audit costs for Self-Managed Super Funds. The key reasons behind this disparity are:
The Government has announced a second wave of stimulus to help combat the impact of the Coronavirus pandemic. This new wave of stimulus includes some major changes to Superannuation which is likely to affect your SMSF clients for the coming years. Here is what you need to know.