Re Sabbath article...apparently, as I understand it, penalties are to be applied to EACH (pls excuse caps.) trustee. Hence, it is being advocated that SMSF's that have multiple trustees convert to a corporate trustee . Of course, best to abide by rules and won't get penalised; however, mistakes can be inadvertently made.
Re Tim183.....after absolutely seething from receiving tax bill from accountant today....$5300..... I will reduce my angst a little to take account of the facts you have pointed out. Only cash and shares in SMSF, no fancy investments, both in pension. What you point out is very valid. It could therefore, imo, be more relevant that accountant could possibly be a specialist in area of SMSF to reduce complying/accreditation/educational costs being higher than need be when an accountant is handling multiple sectors...eg personal, business, SMSF's because he is having to be across much more (?). My account is higher than last year by a total of about $1000. I do not have multiple contact during year. This rocks me as I do not feel I am getting value. I attempt to make it simpler each year to reduce costs but the price seems to go up disproportionately.
To those of you with great accountants....thank your lucky stars.
