SMSF Prfessinals webinar July 2016 update
But first, a little mre abut yu UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 2
Overview Changes t cllectables Safe harbur guidelines fr LRBAs Supprting ur clients Cmpliance activities 2016 ldgment update Auditr issues SuperStream 2016 ldgment update Updates n at.gv.au UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 3
Changes t cllectables Transitinal perid ended 30 June 2016 Expect SMSFs t be fully cmpliant with rules: Transfers t related parties Display r strage Insurance We will lk at risks in this area fr the 2016/17 year Expect SMSF auditrs t take int accunt end f the transitinal perid Regulatin 13.18AA f the Superannuatin Industry (Supervisin) Regulatins 1994 UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 4
Safe harbur guidelines fr LRBAs Practical cmpliance guidelines develped PGC 2016/5 Set ut the safe harbur terms n which SMSF trustees may structure their LRBA s cnsistent with an arm s length dealing Refer t the acquired asset being either real prperty r a cllectin f listed shares r units Trustees nw have until 31 January 2017 t ensure any LRBA their fund has is n terms cnsistent with arm s length dealing, r brught t an end UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 5
Supprting ur clients SMSF early engagement and vluntary disclsure service Intrduced in late May 2016 Prvides a single entry pint fr SMSF trustees and prfessinals t ntify us abut unrectified regulatry cntraventins - see QC49175 UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 6
Cmpliance activities What attracts ur attentin The issues that attract ur attentin within SMSFs include: Significant management and administratin expenses Incrrect calculatin f exempt current pensin incme (ECPI) Incrrect treatment f related party transactins Incrrect treatment f nn-arm s length incme See What attracts ur attentin - QC44834 UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 7
Cmpliance activities Sme specific areas f cncern are: Nn-ldgment Exempt current pensin incme Related party transactins Nn-arm s length incme UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 8
Auditr issues Independence 360 auditrs identified as being bth tax agent and fund auditr cntacted 25% require further scrutiny, appear t be in breach f independence requirements 17% acknwledged independence threats but plan t/had taken actin t reslve Sme cmmn themes qualifying their behaviur included: It s my judgement call t make. I knw right frm wrng I m ffering a gd service t my clients The accunts are nly small, it s hardly wrth having smene else lk at them I dn t want t lse my business t the nly ther auditr in twn My clients are my clse persnal friends and I wn t stp helping them ut UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 9
Auditr issues ASIC referrals We wrk clsely with ASIC where we find issues regarding an auditrs perfrmance and make referrals t ASIC. Our referrals have resulted in the fllwing utcmes: Disqualificatins Cancellatin f registratins Denial f registratins Cnditins n registratins Auditrs withdrawing registratins UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 10
SuperStream SuperStream making super cntributins simple fr emplyers Large emplyers shuld nw be SuperStream cmpliant Small business have until 28 Octber 2016 Related party emplyer exemptin SuperStream standard des nt apply t persnal cntributins made by members UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 11
SuperStream Electrnic Service Address (ESA) Must be an accunt perated by the SMSF trustee/s shuld be unique t each SMSF Exactly as reprted by SMSF message service prvider n spelling mistakes, spaces etc. Leave blank if SMSF nt required t be SuperStream cmpliant. Can be a different bank accunt fr tax refunds. Als used if SMSF wund up and refund expected UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 12
2016 ldgment update What s new in 2015-16 see QC48236 Cmpleting the annual return crrectly N changes t Independent Auditr Reprt Minr wrding changes t Auditr Cntraventin Reprts Business prtal clsed frm 30 June 2016 Versin 9.0 f the electrnic superannuatin auditing tl (esat) nw available see QC21192 UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 13
Hw did yu hear frm us? UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 14
Updates n at.gv.au TA 2016/6 Diverting persnal services incme t SMSF Practical Cmpliance Guidelines PCG 2016/5: Incme tax arm s length terms fr limited recurse brrwing arrangements established by SMSFs New tax gvernance guide Retirement planning. See QC49189 UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 15
Questins Thank yu fr yur participatin An exit survey will appear n yur screen. We appreciate yur feedback UNCLASSIFIED SMSF prfessinals webinar - July 2016 update 16