Self managed Super Funds Archives

The ATO has launched a new compliance campaign aimed at driving the lodgement of SMSF annual returns as it chases 80,000 late returns.

ATO Eyes 80,000 Late SMSF Returns: ‘3 Strikes and You’re Out’

February 22, 2021

Self managed Super Funds, SMSF, Tax, Tax Return

The ATO has launched a new compliance campaign aimed at driving the lodgement of SMSF annual returns as it chases 80,000 late returns. Speaking at the SMSF Association National Conference 2021, ATO assistant commissioner, SMSF Segment, Justin Micale said that while the illegal release of super in SMSFs is a continued concern for the ATO,…

COVID-19 SMSF Frequently Asked Questions

COVID-19 Self Managed Super Funds FAQ

August 27, 2020

Emma Zajac

ATO, COVID, COVID-19, COVID19, FAQ, Self managed Super Funds, SMSF, Superannuation

If the COVID-19 crisis has impacted your self managed super fund or its members, these FAQ may be helpful. Signature Requirements for Financial Statements Question: I usually attend my accountant’s premises to sign my SMSF’s financial statements. However, I am unable to attend in person to sign them this year due to COVID-19. How can…

Man concerned about his SMSF due to COVID19

COVID-19 and your SMSF

August 13, 2020

Emma Zajac

COVID-19, COVID19, Self managed Super Funds, SMSF, Super, Superannuation

COVID-19 has had an impact on many SMSFs. We look at the key issues. Early Release of Superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will need to ensure their…

COVID-19 | ATO Confirms Division 7A Relief Available to SMSFs

July 29, 2020

Emma Zajac

ATO, COVID-19, Self managed Super Funds, SMSF

The ATO has confirmed that SMSFs will be able to request an extension of time to meet their minimum yearly repayments for complying Division 7A loans. In the lead-up to 30 June this year, the ATO announced it would allow an extension of time to meet the minimum yearly repayment for a complying Division 7A loan for…

Man donating to bushfire relief from self managed super fund

News | Use Caution When Making Bushfire Donations from Super

January 13, 2020

Emma Zajac

Donations, Self managed Super Funds, SMSF

SMSF trustees hoping to make donations to charitable causes associated with bushfire relief out of their super may run into problems unless they have triggered a condition of release, according to SMSF Alliance. The SMSF administrator’s principal, David Busoli, said in an email update that the issue of funding large-scale donations to bushfire relief charities…

ATO Eyes 80,000 Late SMSF Returns: ‘3 Strikes and You’re Out’

COVID-19 Self Managed Super Funds FAQ

COVID-19 and your SMSF

COVID-19 | ATO Confirms Division 7A Relief Available to SMSFs

News | Use Caution When Making Bushfire Donations from Super

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