Accountants and financial planners have been called upon to be more vocal in their promotion of SMSFs, with one expert pointing to the opportunity they have been given as a result of the outcome of the recent federal election.
While the annual tax return for 2019 does not contain as many adjustments as the one last year, an SMSF software firm has flagged some of the key changes, including new requirements to report bank account details and information relating to loans.
With different administration software providers each issuing their own member codes and identifiers, the ATO may have difficulty matching separate events where an event is cancelled, a software firm warns.
Advisers struggling to get a contribution into an SMSF ahead of 30 June should consider the use of a promissory note (PN) to avoid funds being held over until the new financial year, according to an SMSF strategist.
While the taxpayers who incorrectly received excess determinations for non-concessional contributions have been given an extension for their election due date, some of these clients had already paid for advice to deal with the determination, says an industry law firm.
BGL is proud to announce the release of its Simple Fund 360 2019 Tax Time software to clients. The new software includes the 2019 SMSF Annual Tax Return, all the required supporting schedules and electronic lodgement through the ATO’s Practitioner Lodgement System (PLS).
Greater numbers of accountants are partnering with financial planners to service the SMSF sector, according to new research from Investment Trends, which also found trustees rank expertise ahead of fees.
Trust deeds containing clauses that cause reversionary pensions to override binding death benefit nominations are exposing SMSF professionals to legal risks and resulting in poor outcomes for the client, an industry law firm has warned.
For those of you who missed it, the Liberal / National Party was returned in Australia’s Federal election on Saturday.
The ATO has reminded auditors about some of the specific requirements that trustees must meet when winding up an SMSF and the checks that SMSF auditors need to undertake for the final audit.
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