When it comes to self-managed superannuation funds (SMSFs), compliance with regulations is crucial. SMSF auditors play a vital role in ensuring that these funds adhere to the rules set out in the Superannuation Industry (Supervision) Act 1993 (SISA). Section 130 of the SISA specifically states that SMSF auditors must report any contraventions they know or suspect have occurred by lodging an Auditor/Actuary Contravention Report (ACR) with the Australian Taxation Office (ATO). Table of Contents Why Lodge an Auditor Contravention Report (ACR)? When Should an Auditor Contravention Report (ACR) b ..read more

To ensure fairness and sustainability within the superannuation system, the Australian Taxation Office (ATO) has implemented transfer balance account rules. These rules limit the amount of money that can be transferred to the tax-free retirement phase account, known as the transfer balance cap. Currently, the cap stands at $1.9 million as of 1 July 2023. Table of Contents Understanding Transfer Balance Account Rules 2 ways to start Pension About Us Frequently Asked Questions (FAQ) Understanding Transfer Balance Account Rules As of 1 July 2023, the transfer balance cap rules for retirement ..read more

In the world of Self-Managed Superannuation Funds (SMSFs), it is important for trustees, accountants, and financial advisors to have a clear understanding of the concept of Part 8 associates and their implications. A Part 8 associate is someone who has a close relationship with an SMSF member and can potentially impact the decisions and actions of the fund. By identifying these associates, it becomes easier to determine whether the member is acting in the capacity of a trustee. Today, we will explore the different types of Part 8 associates, as well as the distinction between related trusts an ..read more

Setting up a Self-Managed Superannuation Fund (SMSF) can be a rewarding endeavor for individuals seeking greater control over their retirement savings. However, it is crucial to follow specific steps to ensure compliance with Superannuation Industry (Supervision) Act 1993 and obtain the desired tax benefits. At MintSuper, we specialize in providing top-tier SMSF auditing services for trustees, accountants, and financial advisors. In this article, we will guide you through the key steps involved in setting up an SMSF, including obtaining a trust deed, signing a declaration, lodging an election ..read more

As trustees of a Self-Managed Superannuation Fund (SMSF), it is crucial to have a clear understanding of SMSF Asset Valuation Guidelines according to the Australian Taxation Office’s (ATO) standards. These guidelines provide trustees with guidance on how to determine the market value of their SMSF assets in a fair and reasonable manner. The ATO takes a general approach, stating that the market value of SMSF assets can be determined by anyone, as long as it is based on objective and supportable data. Table of Contents Table of Contents General SMSF Asset Valuation Guidelines Key Aspects Real P ..read more

Before embarking on the journey of becoming a trustee or director of a self-managed superannuation fund (SMSF), it is essential to understand the eligibility requirements and responsibilities associated with this role. Whether you are considering taking on this position or looking to expand your knowledge, this article will serve as your exhaustive guide to the fundamentals of SMSFs. We will explore the main prerequisites, responsibilities, and steps involved in becoming a trustee or director of an SMSF. Table of Contents Table of Contents What You Need to Know Beforehand Eligibility Criteria ..read more

As the new year approaches, trustees, accountants, and financial advisors are bracing themselves for the potential changes that will occur in the self-managed super fund (SMSF) landscape. One particularly significant area of focus is the non-arms length expense (NALE) rules for super funds. The Australian Treasury has proposed new updates to the NALE rules, which are aimed at ensuring the fairness and integrity of SMSFs. These changes, if implemented, could have a profound impact on how trustees and professionals manage their SMSFs going forward. To gain a comprehensive understanding of the pr ..read more

One should be wary if someone offers you tax avoidance arrangements that improperly channel money or assets into your SMSF so that you pay less tax. These schemes easily appears as ‘too good to be true,’ and the ATO warns of the possibility of losing some or all of one’s retirement savings and incurring penalties for doing so. In addition, they may promote the illicit early release of benefits for personal use from your fund.  On this page How do I identify the schemes? Residential real estate acquired through illegal means  Conclusion Contact Us How do I identify the schemes? Sc ..read more

Understanding the market value of assets is essential for accurate financial reporting and regulatory compliance, and this is particularly true for self-managed super funds (SMSFs). However, how should a fund’s assets be valued, and why is it crucial to do so at market rates?  This post will cover market value, the rationale for evaluating fund assets, the types of individuals qualified to conduct valuations, and the types of data required to support valuations. This blog is for trustees of self-managed superannuation funds (SMSF) or anyone interested in learning more about asset valuatio ..read more

It is only fitting that the authority charged with overseeing SMSFs also has the power to bar persons from serving as trustees or directors of corporate trustees. This can happen if there are doubts about the individuals’ eligibility for the post of trustee or if they fail to comply with the statutory laws; in other words, disqualified SMSF trustees. Table of Contents What happens if I am disqualified? How do I know I am disqualified? Basic Conditions of s17A Conclusion  Contact us  What happens if I am disqualified? If a trustee becomes disqualified, they are required to resign ..read more