The consequences of not lodging SMSF annual returns on time

Ensuring that your SMSF annual return is lodged on time is a critical part of the obligations of an SMSF trustee. The ATO has made an important change starting from 1 October 2019. After that date, if an SMSF annual return is lodged more than two weeks after the lodgement due date and hasn’t requested…

The ongoing obligations of an SMSF Auditor

It is reasonably well known that anyone who runs a self-managed superannuation fund (SMSF) must have the fund audited by a registered SMSF Auditor. A registered SMSF auditor is registered with ASIC under section 128B of the SIS Act. To qualify for registration an auditor must have satisfied the following requirements. They must hold a…

Travel expenses on investment properties

Investment Property owners need to be aware that from 1 July 2017, you cannot claim travel expenses relating to a residential investment property. A residential property is land or a building that is: occupied as a residence or for residential accommodation intended to be occupied, and is capable of being occupied, as a residence or…

What does the Federal Budget 2015 mean to the SMSFs?

In previous years, the government has made a large number of changes to the superannuation law and regulations. But in this year’s budget, only small changes were made which will directly influence the self managed superannuation funds (SMSFs) industry. One of the changes is with regards to accessing superannuation under the terminal illness condition. According…