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Posted by GTC Financial on 14.05.2024

ATO Warning on SMSF asset valuations

The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.

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.

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Topics: Superannuation, Retirement Planning, Accountability

Posted by GTC Financial on 14.11.2023

Workers owed $3.6bn in super guarantee

Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.

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Topics: Superannuation, Single Touch Payroll (STP), Employees

Posted by GTC Financial on 22.04.2016

Ensure your SMSF Related Party Loans are at Arm’s Length

 We’re already preparing for and predicting some changes to be announced to the treatment of superannuation tax concessions in this year's budget.  I’ll be hosting a luncheon next month to discuss what the budget might mean for small and medium businesses in Central Queensland and beyond.

Add to that the fact that the Australian Tax Office (ATO) has just released two new rulings in relation to Related Party Loans and it quickly becomes evident that it’s time to review and plan your Self Managed Super Funds (SMSF) to ensure you will be compliant.

So, what can you be doing right now with your SMSF Related Party Loans to pre-empt budget announcements and adapt to ensure you are working within the framework of the ATO’s new changes?

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Topics: Superannuation

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