News Archives - Self Managed Super Funds

News

Work Test Exemption Change?

Jane Hume, assistant Minister for Superannuation, Financial Services and Financial Technology confirmed on 20 February 2020 that the work test exemption would be extended to age 67 years prior to 30 June 2020. This would enable a 67 year old … Continue reading

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Regulation Details Removed

The pain has started! If the ATO deems you are more than 2 weeks late lodging your SMSF return, they will remove your details from Super Fund Lookup. This means your fund is no longer able to receive employer contributions … Continue reading

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Late Lodgement Pain

SMSFs who lodge their annual return more than two weeks late will be suspended from receiving rollovers and employer contributions, according to advice from the ATO 18 September 2019. From 1 October 2019, funds whose annual returns were overdue by … Continue reading

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ATO and Cryptocurrency

As a point to note, the ATO has started collecting customer and transaction information from designated cryptocurrency service providers, where individuals and self-managed super funds (SMSFs) buy, sell and transfer cryptocurrency. The ATO will collect this data and match it … Continue reading

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Nothing like a Win

We recently took on a client who had 17 years worth of outstanding returns to process and the ATO were on their back. The Super Factory negotiated a timeline suitable to all parties, lodged all outstanding returns on time and … Continue reading

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ASIC and Auditors

ASIC has just deregistered over 100 SMSF auditors for failing in their regulatory obligations. ASIC continues to exert pressure on  SMSF auditors increasing their regulatory burden of auditing and reporting. Along with the imposition of a $2000 annual fee just … Continue reading

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Late Lodgement Penalty

On 1 July 2017, the value of a Commonwealth penalty unit will increase from $180 to $210 and will automatically increase in line with the CPI (Consumer Price Index) from 1 July 2020, and every three years after. 1 Penalty … Continue reading

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Specialists increase in Popularity

An Investment Trends reports shows that 35,000 SMSFs changed to a specialist SMSF administration providor in the past 12 months with ease of use and lower fees themost cited reasons. Specialists such as The Super Factory are able to focus … Continue reading

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SMSF Fees

A recent survey by SMSF Academy showed an average annual fee of $2,250. This puts The Super Factory’s fees of $1,800 way ahead of the rest, saving you money that can be put to better use. Call us now for … Continue reading

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Extra tax for High Income Earners

One of the pieces of legislation that the current government did not repeal is that of an extra tax on high income earners. The ATO has announced that 2013 tax assessments under Division 293 will begin to be issued in … Continue reading

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Self Managed Super Funds