This issue includes information on limited recourse borrowing arrangements (LRBAs), a recently released ATO publication and new powers to address non-compliance.
You can read further about these topics 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
Paying benefits from a self-managed super fund
We have produced a new publication that provides more specific information to assist trustees if they have members who will soon be entering or have entered retirement.
Changes to contribution reporting for rollovers from 1 July 2013
From 1 July 2013, the new Rollover benefits statement (RBS) is changing. You must use the new RBS for all rollovers from this date. The new RBS has no current year contributions information.
Changes to the 2013 SMSF annual return
A number of changes for SMSFs apply for the 2012-2013 year.
Valuation of SMSF assets
For the 2012-13 and later years of income, SMSF trustees are required to value their fund’s assets at market value when preparing the financial statements and accounts of the fund.
New powers to address non-compliance
Legislation was introduced into the House of Representatives last November to give the ATO more flexible and proportionate powers to address non-compliance by SMSF trustees.
Lodging auditor contravention reports
From February 2013, the Tax Agent Portal functionality to support online lodgment of auditor contravention reports (ACR) has been unavailable.
2013 SMSF independent auditor’s report
The revised SMSF independent auditor’s report will be available from 1 July.
SMSF auditors Super Professional to Professional support
The SMSF auditors Super Professional to Professional (SP2P) support service is being extended to the 300 largest SMSF auditors from July 2013.
SMSF auditor registration with ASIC
SMSF auditors must be registered with the Australian Securities and Investments Commission (ASIC) by 30 June 2013 in order to conduct SMSF audits from this time.
SMSF income tax
Limited recourse borrowing arrangements by self-managed super funds
With many SMSF trustees entering into limited recourse borrowing arrangements (LRBAs), it appears there is still some uncertainty with respect to associated taxation issues.
Caps apply to contributions made to your member’s super. Any super contributed over the cap is subject to extra tax.
News from the Australian Securities & Investments Commission (ASIC)
Australian Government bonds
Buying Australian Government bonds is a low-risk way for retail investors to diversify their portfolio and familiarise themselves with bonds.
Information from Australian Securities & Investments Commission (ASIC)