Harper News

Entries for August 2012

Get ready for your SMSF audit

Any mention of the word “audit” is likely to elicit a frustrated groan or a fearful shake of the head from many of us, but what self-managed superannuation fund (SMSF) trustees need to realise is an audit can be a good thing. As tedious as it may sound, an audit is useful in providing an overview of the status of your SMSF – including an assessment of the fund’s compliance as well as a report of the relevant contraventions, if any.

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SMSF related party off-market transfer ban delayed

Off-market transfers of certain assets, such as shares, between related parties and self-managed superannuation funds (SMSFs) will cease to be allowed under proposed changes to the law. However the start date of the ban has been moved from July 1, 2012 to one year later.

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Emergency money from your super fund: The rules

Compassionate reasons can serve as grounds for withdrawing pre-retirement or preserved super to cover medical and related emergencies – but strict rules apply. Overseen by the Department of Human Services, the compassionate grounds benefit allows super to be withdrawn in one or more of five specific circumstances, after taking into account a member’s financial capacity.

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Resident or non-resident: What’s the difference?

The Tax Office views “residency” in an entirely different way to other Australian governmental agencies that deal with things like immigration, visas and citizenship. An individual will be an Australian resident for tax purposes if they “reside” in Australia, adopting the ordinary meaning of the term, or satisfy at least one of the three statutory tests.

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Tax returns and The Taxman

Although the shoebox has (hopefully) been relegated to the pages of quaint tax history, the principle of taxpayers needing to keep adequate records and receipts lives on. But the better organised and ordered tax recordkeeping is, the better a tax agent or accountant will be able to do what they do best — to make the most out of a client’s financial circumstances and work effectively towards a better tax outcome. 

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