As a trustee of a self-managed super fund (SMSF), it is your responsibility to keep up with new changes and compliance requirements, especially budget announcements and legislation passed. That is what we provide for clients of SuperBenefit, to assist trustees in their role.
Some of the changes announced include –
Related Party Valuations
There are restrictions on related party (relative or close associate) transfers to and from an SMSF. And as of July 1 2013, purchases and disposals of assets between members of an SMSF must be conducted by someone in a similar industry as the asset purchase or disposal. If the valuation cannot be completed by someone in the same industry, then an independent valuation must be obtained.
To be sure, speak with your tax advisor. The Australian Taxation Office (ATO) has prepared valuation guidelines which can be VIEWED HERE. (Click the menu items on the left hand side, for the detail.)
Increase in SMSF Supervisory Levy
The SMSF Supervisory Levy which is paid to the ATO is now $258 year 12-13 (from $180). For more information please
More Administrative Consequences
As of July 1 2013, the ATO has the power to force rectification. This new administrative penalty means the ATO has the power to force you to rectify specific contraventions. If the ATO recognises your trustee practices as inappropriate or suspicious, then you will be required to attend mandatory SMSF trustee education as of July 1 2013. See our report HERE.
Registration of Auditors
Your SMSF auditor must be registered with ASIC, as of July 1 2013. All SMSF auditors must confirm their ASIC registration by providing their SMSF Auditor Number (SAN) through the ASIC register online service, ASIC Connect. Also see ATO HERE.
Illegal Activity Consequences
If super accounts are illegally accessed, they will be taxed the superannuation non-complying tax rate at 45%. The ATO can also impose criminal and civil sanctions on any promoters of illegal early access super schemes.
Thinking about SMSF? Get our FREE Expert Guide – Self-Managed Super and You – it has all the info you need to know and checklists to determine if SMSF is for you and what steps are needed to set up. It also gives you ALL the Aust Tax Office publications about SMSF (NAT XXXX). Get your copy now – click “Download” top right hand side above. You’ll also get monthly SMSF news, investment teaching and upcoming seminar and workshop briefs! Download your FREE Guide now!