Tough Rules Enforced by ATO on Overdue SMSF Returns

Tough Rules Enforced by ATO on Overdue SMSF Returns   The ATO is cracking down hard on overdue self-managed superannuation fund (SMSF) returns, and if you have more than one outstanding, expect the bar to be set even higher for your 17/18 return. Critical points to note if your SMSF return is overdue: If you have not submitted your 16/17 SMSF return, it is now overdue, and the ATO will…  Read more

Don’t Get Caught Paying Huge ATO Audit Costs

Don’t Get Caught Paying Huge ATO Audit Costs   Costs relating to the Australian Taxation Office’s (ATO) compliance initiatives¬†continues to increase. In fact, in the last financial year, the ATO raised $15.6 billion (a 13% annual increase). To combat the costs of unplanned professional fees which can arise as a result of initiatives instigated by the ATO and other relevant government revenue agencies, we encourage¬†all of our clients (and you)…  Read more

CGT Relief Deadline Is Fast Approaching – Are You Prepared?

CGT Relief Deadline Is Fast Approaching – Are You Prepared? Here’s what you need to know about the Government’s CGT relief for Self-Managed Super Funds (“SMSFs”).   What is CGT relief? Under the new super reforms, you may be eligible for relief from certain capital gains that may arise as a result of complying with the Transfer Balance Cap ($1.6m) and the Transition to Retirement Income Stream reforms that began…  Read more