Key SMSF Updates for the 2025 Financial Year
The 2025 financial year introduced key updates in the self-managed superannuation fund (SMSF) sector, affecting contribution caps, taxation, benefit payments, and regulatory compliance. SMSF trustees and financial professionals must stay informed to manage funds effectively and remain compliant with changing regulations. 1. Contribution Caps Overview Concessional Contributions (CC) Cap From 1 July 2024: Cap increased […]
Understanding Limited Recourse Borrowing Arrangements (LRBAs) for SMSFs
Limited Recourse Borrowing Arrangements (LRBAs) enable Self-Managed Superannuation Funds (SMSFs) to leverage borrowed funds for asset purchases, presenting opportunities for growth while safeguarding the fund’s other assets from potential risks. The complexity of these arrangements necessitates rigorous auditing practices to ensure compliance with regulatory standards. This article explores the fundamentals of LRBAs, the requirements for […]
SMSF Death Benefits: Key Insights for Secure Planning
Managing a Self-Managed Super Fund involves investment strategies and planning for SMSF death benefits. Handling benefits is crucial to ensure they are allocated to the correct beneficiaries and comply with legal requirements. This article outlines the key considerations and audit processes for SMSF death benefits, guiding you through every step. Managing Trusteeship After Death […]
SMSF Collectables and Personal Use Assets
What are Collectables and Personal Use Assets? Collectables and personal use assets are investments typically enjoyed for personal pleasure or everyday use. However, when acquired by a super fund, they must serve genuine retirement purposes and comply with the sole purpose test, providing no present-day benefits. These assets, known as SMSF collectables and personal use […]
Downsizer Contributions – What SMSF Auditors need to know
More and more older Australians are seeing the benefits of selling the family home in favour of a smaller home or an apartment. To facilitate this, generous financial incentives have been available since 1 July 2018 for those who are ready to downsize. What is a Downsizer contribution? The downsizer contribution, as defined by the […]
SMSF Property Valuations – Auditor Responsibilities in the Spotlight
Property valuations are basically appraisals of property widely used to form an audit opinion about the investment. Regulation 8.02B of SISR requires valuation of all fund assets when preparing financial statements and accounts for SMSF funds each year. Usually property valuation is calculated at ‘market value,’ however other factors including the property type, its surrounding, […]
SMSF Investment Strategies – Auditors beware!
In the realm of superannuation, case law has a significant influence on how advisers, investors and auditors operate. In 2018, the outcomes of two court cases led many auditors to refocus their audit processes. Some still need to do so. In Ryan Wealth Holdings Pty Ltd v Baumgartner, the Court assessed damages in the sum […]
The Changes Impacting SMSF Audits You Need To Know For FY22
Several changes were made to Superannuation from 1 July 2021 which may impact the audit of your SMSF clients this financial year. SMSF auditors and those in the financial services industry would do well to familiarise themselves with some of the most recent changes impacting the industry for FY22 reporting. We will cover some of […]
The benefits and risks of 6-member SMSFs
Recently the maximum number of members to form part of a self-managed superannuation fund (SMSF) and small APRA funds was increased from four to six. The Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020, which resulted in this increase in fund member sizing as of 1 July 2021, is also responsible for extending the eligible […]
3 Key Factors to Consider When Selecting a New SMSF Auditor
There are only a few weeks before the 1 July changes to auditing standards come into effect, with in-house audits at risk of not complying with the Code. So, if your company is considering seeking external auditing services, there are a few fundamental questions to ask when selecting a new SMSF auditor. Time is running […]
