Effective 31 January 2013 the law in relation to the minimum standard of independence and competency across the SMSF sector for SMSF Auditors was amended (S.35C and regulation 8.03). From this date persons cannot audit an SMSF unless they qualify as an “approved SMSF auditor” (subject to transitional rules). This new regime was introduced under…
The Government has proposed the introduction of an annual (unindexed) concessional contribution cap of $35,000 that will apply to taxpayers who meet certain age requirements. Under this announcement, taxpayers who are 60 years and over from 1 July 2013 (ie; the 2014 income year) will be eligible to claim the new $35,000 concessional contribution cap….