Insights & Ideas

  • Why successor directors are better for SMSF succession planning

    Gary Chau and Bryce Figot, DBA Lawyers As with all succession planning discussions, SMSF succession planning being no different, people want to ensure the right people are in control when they die or lose capacity. For this to happen, generally the right mechanisms and structures must be in place well before the person dies or loses […]

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  • Class Super ASAE 3402 – means less documents required for audit

    By Super Know How – 5 October 2016  Last month Class Super received ASAE 3402 assurance for its data feed system. The report is designed to provide us as SMSF Auditors with reasonable assurance as to the accuracy of the data feeds that Class receives. We have received a copy of the audit report and have […]

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  • The $1.6 million transfer balance cap explained

    By William Fettes, Lawyer, DBA Lawyers, Bryce Figot, Director, DBA Lawyers and Daniel Butler, Director, DBA Lawyers  Introduction The Department of Treasury on 27 September 2016 released the second tranche of exposure draft legislation and explanatory material in relation to the Federal Government’s proposed superannuation reforms. These materials provide long-awaited detail on the workings of the […]

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  • Class SMSF Benchmark Report June 2016 now available

    Class has released its June 2016 SMSF Benchmark Report, an overview of data about SMSFs and administrators. The June Report also provides analysis of smaller balance funds. The additional analysis has been compiled in response to recent industry commentary suggesting that self managed super funds with smaller balances are not cost effective over extended periods. […]

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  • Why do so few people claim depreciation?

    By Scott Brunsdon, Depreciator When you consider the fact that depreciation can be a huge deduction for a property investor, it is odd that many people fail to claim it. Buildings, and the Assets attached to them, suffer wear and tear (especially when tenants are involved). The ATO allows people to write-off these buildings and […]

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  • 2016 Federal Budget – Proposed Superannuation Changes

    The 2016 Federal Budget has proposed a number significant changes to superannuation which may affect some SMSF Members. You can read about these changes and access our Federal Budget Update here.

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  • Collectables and personal use assets in an SMSF

    By William Fettes (wfettes@dbalawyers.com.au, Lawyer and Bryce Figot (bfigot@dbalawyers.com.au), Director, DBA Lawyers All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg 13.18AA of theSuperannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’). However, SMSF trustees should be aware that the grandfathering relief […]

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  • A new Federal Court case on civil penalties

    This article has been provided by DBA Lawyers. A new Federal Court case underscores the continuing relevance of pecuniary penalties under the civil penalties regime to the ATO’s enforcement toolkit. To read the full article, click here.

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  • Rise in the Preservation Age to 56 and Retirement Case Studies

    The ATO has reminded SMSFs that, from 1 July 2015, the legislated rise in the ‘preservation age’ (defined in SIS reg 6.01(1)) has come into effect and affects people born after 30 June 1960. If a member turned 55 before 1 July 2015, they qualified for a transition to retirement income stream (TRIS) and the […]

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  • Specialised Insurance Services

    In our June release, we added Specialised Insurance Services to our panel of product and service providers through the Class Shopping Cart. Specialised Insurance Services provides a Member Insurance Review to ensure Trustees meet SIS Act Regulation 4.09. The Member Insurance Review is a six stage process and includes: Personal and fund risk assessment Personal  […]

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  • Insurance review service meets SMSF trustee needs

    In our June release, we welcomed leading SMSF risk specialists, Specialised Insurance Services, as a Class Partner. Through Class’ Shopping Cart, accountants can now request an insurance review for their SMSF members. The form automatically populates using Class data, saving you time when requesting review services. Specialised Insurance Services was launched in response to the Government’s 2012 changes, […]

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  • A great way to enhance your SMSF knowledge

    Heffron’s 3-Day Intensive SMSF Training Course is ideal if you’re looking for an efficient and interactive solution to enhance your SMSF knowledge. It has been specifically designed to ‘fill the gaps’ in a SMSF practitioner’s knowledge, and is typically attended by those: –  with sound basic SMSF knowledge looking to expand upon that knowledge; – […]

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  • Driving change and innovation

    Kate Sheringham, SMSF Product Manager. It’s been an inspiring few weeks here at Class. Amongst our clients, partners and regulatory and professional bodies, positive change and innovation have been visible from all angles. Just a couple of weeks ago, a number of our clients took us through some of their business processes and challenges. In addition […]

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  • Demand for foreign assets continues to surge

    Investors are rediscovering the importance of diversification to balance investment risks and take advantage of strong international growth opportunities. After the onslaught of the Global Financial Crisis in 2007-2008, Australian investors turned their back on international assets and instead focused their attention on local investments. It wasn’t until late 2011/2012 that confidence levels started to […]

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