SMSF accountants.. below article for you.. which will help you during EOFY finalisation..
The ATO has issued letters to SMSFs that continue to report unchanged asset values and will be focusing on this year’s annual returns. https://ow.ly/yysu50StqsX Heffron SMSF Leigh Mansell #SMSF #financialplanning #smstrusteenews #smsfinvestors
Accurate Asset Valuations in SMSFs Trustees must value SMSF assets at market value annually. Auditors verify these valuations during audits. Recent ATO findings show many funds with unchanged property values for three years, risking penalties. Proper documentation is crucial. Read more: https://lnkd.in/g_QPKWHa #SMSF #SMSFAuditor #TheAuditorsInstituteLtd #Superannuation #SMSFAuditor #ASIC
As we approach key October deadlines, the ATO is reminding SMSF trustees to ensure they’re meeting their obligations. Here’s what you need to know to stay compliant and avoid penalties: 📝 Asset Valuation: Ensure all assets in your fund have proper, supportable evidence for their market value before submitting your annual return. The ATO will be reviewing valuations closely, especially those that haven’t changed in years. 🏠📄 📅 Lodgment Deadlines: If your SMSF had assets as of June 30, 2024, and meets certain conditions, your SMSF Annual Return (SAR) must be lodged by 31 October 2024. Late lodgment could affect your compliance status and future contributions! ⏳💰 🔄 Transfer Balance Account (TBA): If there are changes to your TBA, they must be reported by 28 October 2024 using the Transfer Balance Account Report (TBAR). Even if your total super balance is less than $1 million, make sure to report any events or risk potential tax consequences. 📊⚠️ At Girl Friday Sydney, we’re here to support you with all your SMSF obligations. Don’t wait until the last minute – let us help you stay on track! #GirlFridaySydney #SMSFCompliance #SuperFund #ATOUpdate #FinancialServices #YourAccountantAnytimeAnywhere #OctoberDeadlines
New research shows SMSFs outperformed APRA-regulated funds on a rate-of-return basis for the 2022 financial year. https://ow.ly/lNa750QKxFX #SMSF #financialplanning #smstrusteenews #smsfinvestors #smsftrustees
Do properties held by SMSF require yearly revaluation? While there's no annual mandate, discover the key instances demanding revaluation and who can conduct valuations. Read more here: https://bit.ly/3RSMMoQ #smsf #smsfproperty #valuationrules #financialcompliance #assetmanagement #smsfinvestments #propertyvaluation #smsfauditors #inhouseassets #financialtransparency #trusteeresponsibility #auditorrequirements #valuation #smsfstrategy #assetvaluation #superhelp Sandra Lee
Unveil the full potential of your SMSF through diversification. Implementing diversified strategies can boost returns and minimise risk. Take proactive measures to diversify your SMSF portfolio for sustained financial success. #smsf #diversification #enhancedreturns #reducedrisk #financialstrategy #assetallocation #regulatorycompliance #ato #investmentdiversification #portfoliomanagement #financialplanning #assetclasses #privateequity #infrastructure #investmentapproaches #riskmanagement #retirementplanning #investmentstrategy #superhelp Sandra Lee
🚨 Attention SMSF trustees! ATO Warning on SMSF asset valuations 💰📈🔍 The ATO warns against sloppy valuation practices with over 16,500 funds reporting assets at the same value for 3 years, raising red flags. Accurate valuations are crucial for calculating member balances and contribution limits, which can have ongoing tax implications. Head over to our Blog to ensure you're getting your SMSF asset valuations right ⤵ https://hubs.ly/Q02vgHFX0 #SMSF #ATO #Valuation #future #superannuation #property #investments
📍Currently, 13 states have adopted the Money Transmission Modernization Act (MTMA) in its entirety, 9 states have partially adopted it, and 8 states have legislation pending. 🗺️Take yourself on a journey through the U.S. to discover which states fall into which categories in our interactive map over on our blog, and discover more about what the MTMA is, and how it will decrease the regulatory burden felt within the industry. 🔎 Start exploring: https://lnkd.in/eepBUfce #MTMA #moneytransmitters #moneytransmissionmodernization #paymentscompliance
#VBC is like a movie in which sometimes opponents unite against a challenge neither can contemplate losing. Payors and providers increasingly share financial risk in #AlternativePaymentModels and can use our checklist for Proactive Management of VBC. https://lnkd.in/e22EyBnH Check us out at #RISENational to learn more.
The ATO has issued a ruling requiring SMSF trustees to annually value all fund assets, including properties, at market value with objective data, replacing the previous practice of obtaining valuations every three years for non-standard assets. For any queries or further assistance regarding these SMSF audit requirements, please contact QAS on 1300 880 130. https://lnkd.in/gXmFG4TX #SMSFCompliance #ATOUpdate #AssetValuation #SMSFRules #SuperFundAudit #QASAssistance
Close to 150 SMSF trustees were disqualified in the December quarter 2023, marking a substantial decrease in barred trustees compared to the previous three-month period. https://ow.ly/6Wl950R7vX3 #SMSF #financialplanning #smstrusteenews #smsfinvestors #smsftrustees
