SMSF Archives - The Garis Group

SMSF reporting changes from 1 July 2023

February 10, 2023

If you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Previously, SMSFs with a balance under $1m reported annually at the same time as lodging the SMSF annual return.

How to set up your Director ID

November 17, 2021

Emma Zajac

Director ID, ID, SMSF

Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or…

6 Member SMSFs – The Issues and Opportunities

July 13, 2021

Emma Zajac

Self Managed Super Fund, SMSF, SMSF Members, Super

From 1 July 2021, the maximum number of members a Self Managed Super Fund can have increased from four to six. Why would you have a fund with six members and what are the implications? Recently enacted laws increased the maximum number of allowable members in an SMSF and small APRA fund from four to…

The 1st July Superannuation Changes

April 12, 2021

Emma Zajac

Accumulating Super, ATO, Self Managed Super Fund, SMSF, Super, Super Contributions, Superannuation, Superannuation Caps, Tax

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet preservation age and certain conditions…

The Garis Group Wins Best Small Business Accounting Firm in Australia

March 1, 2021

Emma Zajac

accountant, Accounting, Awards, Bookkeeping, business, Financial Planning, property investment, Small Business, Small Business Accoutant, Small Business Champion Awards, SMSF, Tax, Tax Agents, Tax Return

In some exciting news for Newcastle & the Hunter over the weekend, local accounting firm The Garis Group won best small business accounting firm in Australia at the nationally recognised Small Business Champion awards at the International Convention Centre in Darling Harbour, Sydney on Saturday night. The awards night was postponed several times throughout 2020…

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

Emma Zajac

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,…

SMSFA Calls to Reinstate Higher Contribution Cap for Over 50s

February 18, 2021

Emma Zajac

Over 50's, SMSF, Super, Super Contributions, Superannuation

The SMSF Association has called for the reinstatement of the $35,000 concessional contributions cap for over 50s, arguing that the current $25,000 cap restricts fund members from contributing to their super at the age where they can most afford to do so. In its submission for the 2019 federal budget, the association said the current…

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…

SMSF reporting changes from 1 July 2023

How to set up your Director ID

6 Member SMSFs – The Issues and Opportunities

The 1st July Superannuation Changes

The Garis Group Wins Best Small Business Accounting Firm in Australia

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

SMSFA Calls to Reinstate Higher Contribution Cap for Over 50s

COVID-19 Self Managed Super Funds FAQ

COVID-19 and your SMSF

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

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