Quarterly SMSF Update

INCREASING THE MAXIMUM NUMBER OF SMSF MEMBERS TO SIX Legislation was introduced to the Senate on 2 September 2020 to increase the number of members in an SMSF from four to six. The Bill has been referred to the Senate Economics...
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Another Looming Deadline

by Mark Phillips Overdue annual returns for SMSFs are firmly in the sights of the ATO. In public presentations and announcements over the past 12 months. The ATO have made it very clear they are a priority, with tens of thousands of funds...
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SMSFs and Digital Signatures

by Alicia Thomson Many of us are in some form of lockdown and it can be difficult to get documents physically signed at this time. For those of us in Victoria, New South Wales and Queensland, the Government have temporarily amended the...
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Additional tax on concessional contributions

by Duc Hong Today's article is simply to show the calculations, and reality, of how Additional tax on concessional contributions work. Application of Division 293 of the Income Tax Assessment Act results in high income earners paying...
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Death & Taxes

by Abra Chowdhury & Mark Phillips On the death of a member their superannuation benefits must be dealt with or paid out as soon as practicable. The ATO normally expect this to be within a period of 6 months unless there are...
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