SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
Self-managed super funds (SMSFs) are now the largest and fastest growing segment of the super industry with the number of SMSF’s increasing by 29% in five year period from 2008 to 2013.
SMSF trustees must comply with comply with strict superannuation laws and reporting requirements which includes the completion of annual financial statements, income tax return and audit. Failing to comply is known as a contravention of the SISA or SISR and will result in some type of compliance action. Click here for further information on the trustee responsibilities and new ATO penalty regime.
It is therefore important that trustees obtain professional advice and assistance with all aspects of their SMSF. Griffin & Associates provides a comprehensive service to ensure that your SMSF satisfies all compliance requirements. The following is a list of the SMSF services offered at our office.
If your SMSF enters into a Limited Recourse Borrowing Arrangement (LRBA), our office will discuss any necessary requirements with your solicitor, financial planner and lender.
Please note that while Griffin & Associates does not complete SMSF audits, we do have contact with several local and national SMSF approved auditors. Our office is able to facilitate the supply of necessary information to the auditor.
Griffin & Associates has a wide range of SMSF resources to ensure your SMSF is property managed and complying with SISA or SISR requirements. Click here to review important information such as the SMSF trustee responsibilities.
We also recommend that all SMSF trustees review the ATO publication titled Running a self‑managed super fund (NAT 11032-04.2013). This ATO guide includes useful information for new and existing SMSF trustees and can be found at the following link: ATO guide