OTS Super Plus

24/07/2023

https://www.smsfadviser.com/news/22574-market-valuations-and-super-tax-key-concerns-for-smsf-audits?utm_source=SMSF%20Adviser&utm_campaign=10_07_23&utm_medium=email&utm_content=1&utm_emailID=d89443f38bf7b654421aaa9847e7cb0ab6c182e6377c45b39cfb6a89bba1d2d9

An important article regarding market valuations of your SMSF assets. Please contact us if you have any questions.

Market valuations and managing the challenges of the proposed $3 million super tax will be key challenges for SMSFs when it comes to audits heading into the new financial year. ASF Audits head of e

12/12/2022

ATO chasing down late returns, unpaid PAYG instalments before year end

The ATO has ramped up its activity on SMSF late lodgements and unpaid PAYG instalments in recent weeks, in some cases requesting a response from trustees in two business days, warns BDO.

Speaking to SMSF Adviser, BDO national leader, superannuation Paul Rafton said in recent days there has been an increase in calls from the ATO to trustees and their practitioners regarding both late lodgements and instalment activity statements.

“I suspect they’re wanting to get it front of mind for trustees before Christmas,” said Mr Rafton.
Mr Rafton said the ATO has been contacting SMSF trustees even where they’re only behind on their latest instalment activity statement.

“They’re following up quickly and wanting trustees to pay it before Christmas,” he cautioned.
In terms of lapsed lodgers, Mr Rafton said the ATO is chasing both trustees with late returns for multiple years and those who are yet to lodge their return for the 2021–22 financial year.

The ATO is generally asking for a response within two business days, he warned.

“That doesn’t mean a payment, but it does mean a response or a return call or even leaving voice message within two business days,” he said.

“The ATO want to know what the trustee intends to do.”

Speaking at a CA ANZ conference in October, Mr Micale warned that the non-lodgement of SMSF annual returns would continue to be major focus for the ATO.

Mr Micale stated there were around 24,000 funds that hadn’t lodged a first return and a further 80,000 lapsed lodgers with one or more outstanding returns in his speech in October.

For the 2020–21 year specifically, around 67,000 returns still needed to be lodged as at 20 October.
Mr Micale said the ATO had been reminding trustees of their lodgement requirements through targeted bailouts.

“Whilst this does deliver positive results for the majority of trustees, there is a persistent group who continue to ignore our reminders,” he said.

The ATO has been deploying its three strikes letter campaign for these trustees, he warned.

20/09/2022

https://www.smsfadviser.com/news/21600-take-action-on-valuations-now-to-avoid-delays-says-ato?utm_source=SMSF%20Adviser&utm_campaign=21_09_22&utm_medium=email&utm_content=2&utm_emailID=7cf148151eea79b25b484ad5644486125bd6feea978d0671f92907680e8132fb

The ATO is urging SMSFs to get their asset valuations done before their annual audit to help avoid delays and late lodgements. In an online update, the ATO reminded trustees that one of their many res

11/09/2022

https://www.smsfadviser.com/news/21569-auditors-closely-scrutinising-related-party-leases-smsfs-warned?utm_source=SMSF%20Adviser&utm_campaign=12_09_22&utm_medium=email&utm_content=1&utm_emailID=7cf148151eea79b25b484ad5644486125bd6feea978d0671f92907680e8132fb

Getting the finer details of related party leases right is critical with the ATO applying a stricter approach in relation to the sole purpose test and section 109, says an SMSF auditor. Speaking in

26/06/2022

We're only a few days away from 30 June!

Make sure you've met your minimum pension requirements and/or made the most of your contributions caps!

15/05/2022

More reasons to ensure your SMSF Trust Deed has been updated recently!

SMSFs with more prescriptive trust deeds may need to make updates in order to take up some of the new opportunities commencing in July. Speaking in a recent webinar, Smarter SMSF chief executive Aar

12/04/2022

The importance of Property market valuations at the moment is really important with the crazy property market we are seeing here is Tassie and the rest of Australia.

With property valuations continuing to be one of the biggest SMSF audit issues this year, a prominent auditor has provided clarity on some of the requirements for auditors. Speaking a recent confe

11/04/2022

An interesting downsizer contribution strategy.

Always obtain appropriate advice when strategy planning in your SMSF.

The ability to put more money into a super fund is not the only advantage SMSF members can enjoy using downsizer contributions provisions.

31/03/2022

https://smsmagazine.com.au/emag/the-rewards-of-a-withdrawal-and-recontribution-strategy/

A withdrawal and recontribution strategy can result in a variety of optimal outcomes for SMSF members.

29/03/2022

REDUCED MINIMUM PENSION RATES EXTENDED ANOTHER YEAR
An extension to the reduction means greater flexibility for retirees, says peak body.
The reduction in the superannuation drawdown rate for another 12 months will enable retirees to cope better with the volatility in investment markets, SMSF Association deputy chief executive Peter Burgess says.
The move, which extends the temporary reduction until June 2023, was reported late last week by Nine News.
The Morrison government first introduced a reduction in the minimum annual payment required for account-based pensions, annuities and market-linked pensions during the pandemic in 2020 and extended the measure for 12 months last year.
For clients with APRA-regulated funds, Mr Burgess said it was worth keeping an eye on any communications the client received from the fund explaining how they would apply the measure.
“Planners will need to work with their clients to determine whether the minimum pension still meets their client’s income needs,” he said.
“In most cases, where you have previously chosen the minimum pension amount, the fund will automatically apply the 50 per cent reduction, so it’s a matter of assessing whether [it] still meets their needs with regards to cost of living pressures and the like.”
If the client did require more than the minimum, they might need to notify their fund that they required more, he said.
While this was typically more an issue for clients with APRA-regulated super funds, he said, SMSF clients with larger SMSF administrators might also need to do the same.
“They may need to notify the administrator if they want to take more than the minimum amount,” he said.
For SMSF clients who did require more than the minimum, Mr Burgess said it might be worth reducing their pension to the minimum drawdown rate and supplementing their income with commutations as that could help maximise their transfer balance cap.
“That can be important if their client is looking to start another pension or could be a beneficiary of a reversionary pension in the future,” he said.

21/03/2022

A reminder that the calculation of in-house asset limit is based on the gross value of the fund.

SMSF professionals have been reminded that the calculation of in house asset limit is based on the gross value of the fund. In an online article, SMSF Alliance practice principal David Busoli said S