Self Managed Super Funds

Introducing SMSF Rollover Alerts | Taxwise Australia | (08) 9248 8124

Introducing SMSF Rollover Alerts Using Superstream

By Warren Kruger / July 16, 2021 / 0 Comments

  | | | Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (‘SMSF’). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]

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New Illegal Retirement Planning Scheme | Taxwise Australia | (08) 9248 8124

Warning Regarding New Illegal Retirement Planning Scheme

By Warren Kruger / April 1, 2021 / 0 Comments

  | | | The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities. The ATO warns that taking part […]

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SMSF Related Party Rental Income Deferrals Due To COVIDE2809119 | Taxwise Australia | (08) 9248 8124

SMSF Related Party Rental Income Deferrals Due To COVID‑19

By Warren Kruger / February 12, 2021 / 0 Comments

  | | | The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the “in-house asset rules” where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) because of the financial impact of COVID‑19. Where the requirements […]

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SMSFs May Be Able To Offer Rental Relief To Related Party Tenants | Taxwise Australia | (08) 9248 8124

SMSFs May Be Able To Offer Rental Relief To Related Party Tenants

By Warren Kruger / May 19, 2020 / 0 Comments

  | | | As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property may want to give a tenant – who is a related party – a reduction in rent because the related party tenant has had a collapse in revenue. Charging a related […]

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6 | Taxwise Australia | (08) 9248 8124

SMSs for SMSFs!

By Warren Kruger / December 21, 2019 / 0 Comments

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial details or member information) are made. Accordingly, the ATO has urged all SMSF members to […]

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ATO Rates and Thresholds | Taxwise Australia | (08) 9248 8124

ATO Rates And Thresholds

By Warren Kruger / August 15, 2019 / 0 Comments

The ATO has updated a number of rates and thresholds on their website, including the following.   Division 7A – Benchmark Interest Rate The Division 7A benchmark interest rate for the 2020 income year is 5.37% (up from the rate for the 2019 income year of 5.20%).  Car Cost Limit For Depreciation  The maximum value […]

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