Tax Return Lodgements

Due dates For new SMSFs, the first tax lodgement is due on 28th of February in the following financial year. For SMSFs that has been in existence from the second year onwards, the due date is on 15th of May in the following year. For example, the 2022 tax return would be due on 15 […]

Asset Revaluations

The ATO has recently updated their guidelines regarding year end market valuations for assets. The updated guidance aims to provide Trustees more responsibility in the process of obtaining evidence to support a declaration of an asset’s market value. In a recent change which can be viewed here, the ATO has updated its choice of wording, […]

Super Guarantee Charge

Ensure you’re paying the right super to your employees. Whether you’re paying super for your employees weekly, monthly or quarterly, ensure that the following changes from 1 July 2024 are reflected: The super guarantee (SG) rate has increased from 11% to 11.5% That Concessional Contribution Caps has increased to $30,000, further information can be found […]

Related-Party Purchases

Transactions with related-parties can be tricky for Trustees. Trustees should be cautious when purchasing certain assets from related-parties or entities controlled by a related party. However, there are exceptions such as listed shares or business real properties. Alternatively, there is an exception for in-house assets as long as the value of the assets are kept […]

Estate planning in an SMSF

A Binding Death Benefit Nomination (BDBN) is a format that Members can use to nominate beneficiaries to pass on the super benefits in the SMSF upon their death. It’s also referred to as an ‘SMSF Will’. Death benefit payout can be made to a legal personal representative, a dependent or the estate. A recent court […]