The different rules governing the transfer balance account report (TBAR) for SMSFs compared with Australian Prudential Regulation Authority (APRA)-regulated super funds may easily lead to attracting an excess transfer balance cap determination and the associated tax penalty, a technical expert has warned.

The SMSF Association has criticised a federal government proposal to make amendments to legislation in relation to limited recourse borrowing arrangements (LRBA).

The ATO has announced a time extension will apply to SMSF annual returns relating to the 2017 financial year due to the changed reporting circumstances arising from the super reforms.

The Federal Court has ruled a situation where an SMSF invests in property through a sub-fund where that property is subsequently leased to a related party will still be captured by the existing in-house asset rul

Trustees must undertake reasonable steps to ensure an SMSF’s assets and investments can be valued fairly and objectively ahead of adding them to the fund, a technical expert has warned.

The total super balance of the individual members of an SMSF is the determining factor of how often a particular fund will have to complete a transfer balance account report (TBAR), rather than the total super balance of the member who is drawing a pension.

An SMSF change of trustee document could be a “time bomb” if not properly drafted by a lawyer, due to the numerous hurdles to overcome in order to ensure a valid removal and alteration.

While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.