Our Recent Blogs
SMSFs Acquiring Assets from Related Parties
SMSFs cannot acquire an asset from a 'related party' (such as a member or their spouse or relative) unless it is acquired at market value and is...
Super Compliance: A Crucial Update for Small Businesses.
The ATO has implemented a significant upgrade to the SBSCH, introducing SMSF bank account validation to bolster the precision and security of super contributions. This development affects all small employers utilising the SBSCH to manage super payments to their employees' SMSFs.
Proportional indexation of transfer balance caps from 1 July 2023.
The ATO reminds taxpayers that, from 1 July 2023, the general transfer balance cap will be indexed.
Individuals will have a personal transfer balance cap between $1.6 and $1.9 million, based on the highest ever balance of their transfer balance account between 1 July 2017 and 30 June 2023.
ATO advice for SMSFs thinking about investing in crypto assets.
The ATO recommends that trustees of self-managed super funds ('SMSFs') thinking about investing in crypto assets should seek professional advice from a licensed financial adviser.
Preparing for the new Director ID regime.
As part of its Digital Business Plan, the Government announced the full implementation of the 'Modernising Business Registers' program. This included recently enacted legislation introducing the new director identification number ('director ID') regime.