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Self-managed super funds SMSF News 28 Dear readers,
Welcome to edition 28 of SMSF News. In this edition we discuss the various schemes targeting SMSFs, report on the improvements to the Tax Agent Portal and provide an update regarding the misuse of auditor details.
You can read about these topics and much more in the newsletter. This is your newsletter so please feel free to send in comments and suggestions for future articles.
From the SMSF News team
News
Getting good quality advice Be sure your SMSF is receiving investment advice from qualified individuals. This means selecting financial planners who hold an Australian financial services (AFS) licence.
Beware of tax avoidance schemes targeting SMSFs Your SMSF may be targeted by promoters of tax avoidance schemes. Read about the different schemes so that you can protect your SMSF.
What should SMSF trustees do if they become a disqualified person? SMSF trustees who become 'disqualified' are not allowed to remain a trustee.
Tax Agent Portal
Improvements to the Tax Agent Portal for 'return not necessary' requests The Tax Agent Portal has been upgraded and it is easier for tax agents to lodge 'return not neccessary' requests for their SMSF clients. Requests can only be submitted for newly registered SMSFs which satisfy the eligibility criteria.
SMSF cancellation of registration requests - important changes Cancelling the registration of an SMSF can now be easily done via the Tax Agent Portal. Only SMSFs which have never legally been established can cancel their registration. SMSF Regulation
Getting serious with non-lodging SMSFs SMSFs with two or more overdue annual returns will now have their regulation details removed from the Super Fund Lookup register. These SMSFs will be unable to receive rollovers and establish new contribution arrangements until they lodge returns.
Changes for SMSFs receiving employer super contributions - new data and payment standard SMSFs which receive employer contributions will have to provide employers with certain details before the new data and payment standard comes into effect on 1 July 2014. Approved Auditors
Have you checked if your auditor is able to audit your SMSF this year? Your SMSF can only be audited by an approved auditor who is registered with ASIC. If you intend to use the same auditor as before it is still recommended that you confirm their details with ASIC.
Misuse of auditor details Over the past few years there have been cases where SMSF auditors have had their details misused and falsely reported on SMSF annual returns. The issue is currently being investigated and we are working with a number of auditors in order to address these risks.
SMSF auditors - reporting and lodgment obligations Auditors are obligated to request documents relevant for the preparation of the SMSF's report. Helpful links...
ATO Media Centre Latest SMSF statistics
Information from Australian Securities & Investments Commission (ASIC) ASIC Website MoneySmart – make smart choices about your finances
The articles in this newsletter are provided for the general guidance of the industry and are current when first published, they do not attempt to address your specific circumstances. We suggest you consider whether more specific advice is necessary before entering into transactions.
