ATO data analysis has revealed that over 16,500 self managed
superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets
residential or commercial Australian property, you can forgive the ATO for being incredulous.
For trustees of SMSFs, where asset values are consistently reported at the same value, it’s likely your SMSF will be
flagged for closer scrutiny by the ATO.
The value of assets in your SMSF impacts on member balances and by default, can impact the amount you can contribute, ability to segregate
assets for exempt current pension income, the work test exemption and access to catch-up concessional contributions. And, as we move closer
to the implementation of the Division 296 $3m superannuation tax, valuations will be very important for anyone with a member balance close
to or in excess of $3m.
If the asset is an in-house asset, for example a related unit trust, then an accurate valuation is essential to ensure the fund remains
within the 5% in-house asset limit. If the value of in-house assets rises above 5% of total assets, the asset/s need to be sold to bring the
limit back below 5%.
Connect with our financial advisers for seamless SMSF lending solutions.
WEBINAR 11 SEPT // 12PM
The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent
contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate
risks.
WEBINAR 4 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
WEBINAR 28 AUG // 12PM
Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs.
living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging
arrangements.
Building on the findings from Xero Small Business Insights (XSBI) report, Small business productivity: Trends, implications and strategies, this special report presents industry and regional labour productivity data for small businesses.
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it.