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New super reforms for SMSFs

In the 2011-2012 Federal Budget, the government announced a range of super reforms that would be introduced for self-managed super funds (SMSFs). These were designed to improve the super system and better safeguard the retirement savings of Australians. If passed by parliament, the following changes will into effect over the next couple of years:

  • the ATO will apply administration penalties for non-compliance by SMSF trustees
  • there will be a knowledge and competency requirement for SMSF service providers, including the registration of SMSF auditors
  • SMSFs will need to value their assets at net market value
  • the ATO will collect and publish data on SMSFs
  • the registration and rollover processes of SMSFs will be changed
  • illegal early release penalties will be introduced to deter the use of SMSFs for illegal activity
  • SMSF auditors will require registration

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self managed
super funds

The way your superannuation is managed now will have a significant impact on the choices you have in retirement. Self-managed super funds are perfect for those looking for greater control of their savings and are one of the best ways to ensure that you will have sufficient funds for retirement.

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services

In addition to our normal services, we have developed specialist knowledge and expertise in the following sectors:

Christian organisations

Audit of incorporated associations.