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Understanding and complying with minimum pension drawdown requirements is crucial for retirees to maintain the tax-exempt status of their pension funds.  The government mandates a minimum percentage that must be withdrawn each financial year. These regulations are designed to ensure that superannua ...

Running a Self-Managed Super Fund (SMSF) comes with significant responsibilities, including strict compliance with superannuation laws. One key compliance requirement is the Auditor Contravention Report (ACR), which SMSF auditors must lodge if they identify serious breaches during an audit.An ACR is ...

Account-based pensions are a popular retirement income option for many Australians, offering flexibility and control over your savings. However, they come with specific rules and conditions that must be followed to avoid penalties or unintended tax consequences. In this blog, we’ll break down the ...

Compensation & Contribution Rules for Super Funds/SMSFs: When a Super Fund or SMSF receives compensation from a financial service provider, the tax treatment and classification of the payment depend on the circumstances.If the fund engaged the provider and has the right to seek co ...

In today’s complex financial landscape, maintaining compliance and transparency in financial operations is crucial for businesses and individuals. General audits and Self-Managed Super Fund (SMSF) audits are essential for ensuring that financial records meet regulatory standards and are free from ...

Understanding SMSF Auditing Independence: A Guide to the APES 110 Code of Ethics and Independence Requirements Self-Managed Super Funds (SMSFs) have become a popular choice among Australians seeking more control over their retirement savings. While managing an SMSF provides individuals with ...

The realm of Self-Managed Superannuation Funds (SMSFs) has historically been perceived as a complex and time-intensive domain for both trustees and administrators. However, akin to numerous industries, technological advancements are reshaping this landscape, with Artificial Intelligence (AI) leading ...

SMSF Audit and Assurance PracticeAs Self-Managed Super Funds (SMSFs) continue to grow in Australia, robust audit and assurance practices have become increasingly important. SMSF trustees are tasked with ensuring compliance with strict regulations, while auditors play a crucial role in preserv ...

When managing a Self-Managed Super Fund (SMSF), one of the decisions trustees need to make is whether the fund should register for the Goods and Services Tax (GST). While this decision is often straightforward, certain situations can make it more complex. Let’s break down when and why an SMSF migh ...