Wilkinson Superannuation, an SMSF accounting firm has launched an online educational tool that is useful for trustees to understand more about their funds and for advisors to provide a better service while staying in compliance with ATO as well as providing benefits to both parties. SMSF...
The Government is set to amend the provision to access superannuation for people suffering terminal illness according to Assistant Treasurer Josh Frydenberg. A person with terminal illness who wishes to access their superannuation is required to secure a certification from a medical specialist if they...
The ATO is proceeding to ask youthful working Australians to solidify their numerous superannuation accounts to abstain from squandering thousands of pointless charges each year. Forty-five percent of working matured Australians ranges of 18-35 still have more than one super record, according to ATO. Young laborers may...
A recent Federal Court ruling serves as a reminder that running a Self Managed Super Fund (SMSF) comes with additional responsibility and risk. The following is a summary of the recent court decision of Deputy Commissioner of Taxation v Lyons [2014] FCA 1353. In 2008, Mr...
As stated in the Commissioner of Taxations’ annual report; there was a significant increase in SMSF trustees being disqualified of their status. The grounds for disqualification include: For individual trustees Previous conviction of an offence involving dishonest Being subject to a civil penalty order Are insolvent under administration (or undischarged...
Whether your self-managed super fund (SMSF) is to have individual trustees or a corporate trustee is one of the first questions to be answered when setting up your SMSF. The ATO however has come out to publicly favour corporate trustee structures over SMSF's structured with...