ICare Super in Bentleigh, Victoria | Accountant

ICare Super

Locality: Bentleigh, Victoria

Phone: +61 3 9557 4079

Address: 269 Centre Road 3204 Bentleigh, VIC, Australia

Website: http://www.icaresmsf.com.au/

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25.01.2022 The minimum payment requirement for the following pensions in your SMSF has been halved by the Governments on 22/03/2020. https://bit.ly/2UfNK1L

25.01.2022 How to determine their eligibility and apply for early access to super https://www.icaresmsf.com.au/how-to-determine-the-eligibil/

25.01.2022 ATOs standard processing time for issuing the SMSF TFN/ABN now is 8 weeks! It used to be 4 weeks but priorities have been given to businesses impacted by coronavirus.

24.01.2022 For the 2020-21 financial year onwards, you no longer need to meet the work test or work test exemption criteria if you are 65 or 66 years old. You can still make non-concessional contributions if you are 6774 years old and meet the work test or satisfy the work test exemption criteria.

23.01.2022 Your self-managed super fund (SMSF) clients must appoint an approved SMSF auditor to audit their fund no later than 45 days before they need to lodge their SMSF annual return (SAR).

22.01.2022 The 2020 self-managed super fund (SMSF) annual return (SAR) form will incorporate a few new changes and will be made available at the end of May 2020 by the ATO. https://www.icaresmsf.com.au/changes-in-2020-smsf-annual-r/

22.01.2022 If you did not lodge your previous years SMSF annual return (SAR) on time or are a new SMSF preparing your own SAR, your due date for 2019-20 is 31 October 2020.

22.01.2022 The Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 has been passed by the House of Representatives. It amends ITAA 1997 to extend the bring forward rule, enabling individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions from Thursday 1 July 2020.

21.01.2022 If you become aware of a material error or material omission in a previous unclaimed superannuation money (USM) statement, you have 30 days from when you find the error or omission to lodge a valid adjustment request.

21.01.2022 Since 1 July 2020, Australians under the age of 67 are eligible to make voluntary super contributions without needing to meet the work test.

21.01.2022 Early release of super deadline extended to 31/12/2020 but not for temporary residents.

21.01.2022 The Superannuation Guarantee (Administration) Amendment (Aged Care Retention Bonus) Regulations 2020 amend the Superannuation Guarantee (Administration) Regulations 2018 to ensure that an employer is not required to make additional superannuation contributions as a result of a bonus payment paid to an employee under the Aged Care Workforce Retention Grant Opportunity. The regulations achieve this by exempting payments made to an employee under the grant from being included in the salary or wages that are used to calculate an employers superannuation guarantee charge. The regulations apply to bonus payments made under the grant on or after Monday 1 June 2020.

20.01.2022 SMSF auditors - ATO issues of concern The ATO has highlighted issues identified when reviewing the performance of SMSF auditors which include: auditor independence knowledge of super laws insufficient documentation... insufficient evidence to support opinions unsigned documentation failure to bring immaterial breaches to the trustees attention in a management letter such as breaches relating to separation of assets, and failure to report contraventions to the ATO. See more

20.01.2022 For 2020/21 financial year, the SMSF LRBA safe harbour interest rate is 5.10% for real property and 7.10% for listed shares or listed units.

20.01.2022 The ATO has updated its Auditor Independence guidance for approved SMSF auditors. Specifically, the reciprocal auditing arrangements and referral source issues for firms when re-structuring. If the fees generated from one referral source is greater than 20 per cent of the firm's total fees, depending on the circumstances, the ATO considers that the independence threats may be significant enough to warrant the firm implementing appropriate safeguards to reduce those threats to an acceptable level.

19.01.2022 ASIC commences civil penalty proceedings against Dixon Advisory for alleged conflicts, best interest failures and inappropriate advice. https://asic.gov.au//20-207mr-asic-commences-civil-penalt/

17.01.2022 The Australian Governments unveiling of its Economic and Fiscal Outlook paints a sobering picture of the state of the Australian and global economies, including a projection for unemployment to hit 9% by years end.

17.01.2022 Changes to the SMSF independent auditors report (IAR) from 1 July 2019: Changes have been made to the Self-managed super fund independent auditors report (IAR) (NAT 11466-07.2019) effective for reporting periods starting on or after 01 July 2019. This form replaces the previous IAR that was effective for reporting periods commencing 1 July 2016. The changes bring the IAR in line with the equivalent form prepared by auditors of Australian Prudential and Regulation Authority ...(APRA) funds. Recent changes to the IAR include: -additional wording has been added to make it clearer how auditors can make a modification to the audit report where a qualified or adverse opinion is required. The modification wording for a Disclaimer of opinion, can be found in a footnote to the report. -a reordering of paragraphs in Part B, Compliance Engagement. The paragraph which refers to the sections of the Superannuation Industry (Supervision ) Act (SISA) and regulations of the Superannuation Industry (Supervision) Regulations (SISR) that require compliance assurance (now called the listed provisions) has been moved under the opinion clause. -clearly articulating the auditors responsibilities so they are more consistent with the auditing standards. -updating the form to refer to the most recent version of the APES110 Code of Ethics for Professional Accountants which now includes the independence standards. This was issued in November 2018 and commenced on 01 January 2020. All auditors should be complying with this version of the code when conducting the annual SMSF audit.

17.01.2022 The transfer balance account report (TBAR), for some self-managed super funds (SMSFs) is due by 28 April 2021. An SMSF is required to lodge a TBAR by 28 April if: 1. a transfer balance account (TBA) event occurred in your member’s SMSF between 1 January and 31 March 2021, and any member of your SMSF has a total super balance greater than $1 million.... 2. If a TBA event occurred but none of your SMSF members has a total super balance over $1 million, you do not need to report by this date.

17.01.2022 For many retirees, the significant losses in financial markets as a result of the COVID-19 crisis are having a negative effect on the account balance of their superannuation pension or annuity. To assist retirees, the Government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50 per cent in the 201920 and the 202021 financial years.

15.01.2022 ATO on SMSFs providing rent relief during COVID-19: https://www.icaresmsf.com.au/ato-on-smsfs-providing-rent-r/

15.01.2022 ATO wrote to large super fund trustees to advise of ATO and APRA support for an extension to the transition period that funds have to move to version 3 of the SuperStream rollover message from 31 March 2021 to 30 September 2021.

14.01.2022 The gross domestic product (GDP) adjustment for GST and PAYG instalment amounts for the 202021 income year is nil.

14.01.2022 The Australian Prudential Regulation Authority (APRA) advised that it has written to life insurers and registrable superannuation entity (RSE) licensees, urging them to address "concerning trends and practices" in the provision of insurance to superannuation members.

14.01.2022 All new workplace determinations and enterprise agreements made on or after 1 January 2021 must allow employees the right to choose the super fund to which their employer makes compulsory super contributions.

14.01.2022 The Australian Securities and Investments Commission (ASIC) has cancelled or imposed conditions on 42 auditors of SMSFs. All the auditors that ASIC had acted against were considered not to have the necessary practical experience to perform SMSF audits and had not issued any SMSF audit reports over the past five years. For the six auditors who had conditions imposed on them, ASIC was satisfied that there was an appropriate alternative to cancellation based on the auditors circumstances and other relevant experience.

13.01.2022 The ATO will not impose penalties if it is satisfied that SMSF trustees find it difficult to obtain the required valuation evidence for fund assets due to the impacts of COVID-19. Auditors should however consider the need to modify Part B of their audit report and lodge an Auditor/actuary contravention report (ACR), if necessary, during the 2020 and 2021 financial year. The ACR should include the reasons why the trustee was unable to obtain the appropriate evidence. Trustees will receive a letter from the ATO advising them to ensure compliance by the next audit, if possible, as repeated contraventions can lead to penalties.

13.01.2022 You are required to lodge a transfer balance account report (TBAR) if: -a transfer balance account (TBA) event occurred in your member’s SMSF between 1 October and 31 December 2020, and -any member of your SMSF has a total super balance greater than $1 million

13.01.2022 The first home super saver (FHSS) scheme allows individuals to save money for their first home inside their super fund. Individuals may be able to receive their FHSS release amount before Christmas if they apply online by 18 November 2020. FHSS requests submitted after 18 November 2020 may not be finalised before Christmas. Any requests received between mid-December 2020 and 4 January 2021 will be delayed due to the Christmas and New Year holiday period.

13.01.2022 The concessional contribution cap for the year ending 30 June 2021 remains at $25,000 per individual.

12.01.2022 The SAN misuse mailout for the 2019 income year will commence in early September 2020. SMSF auditors are encouraged to check their lists carefully and report whether their SAN has been misreported on a 2019 return, and the audit completion date the ATO has on record is correct.

11.01.2022 A measure from the 201819 budget to increase the number of members allowed in an SMSF from four to six has been reintroduced into Parliament, after it was scrapped prior to the election. https://www.smsfadviser.com//19196-six-member-smsf-bill-in

11.01.2022 Variation from your investment strategy is not a breach due to COVID-19 https://www.icaresmsf.com.au/variation-from-your-investmen/

09.01.2022 APRA releases updated MySuper heatmap showing fee reductions for more than 40 per cent of members APRA has released its first update to its heatmap providing assessments of the performance of every MySuper superannuation product. The update reflects changes in superannuation fees and costs in the six months since the heatmap was launched. APRAs analysis of the latest data shows products with 6.1 million MySuper members (42 per cent) have lower total fees, resulting in estimated aggregate savings for members of $110 million a year. However, fund administration fees have largely remained static or risen slightly, while the majority of funds that underperformed on fees and costs in the December 2019 heatmap continue to have relatively high fees.

09.01.2022 The superannuation guarantee amnesty, allowing employers to disclose and pay unpaid superannuation, ended on 7 September 2020.

09.01.2022 Changes have been made to the self-managed super fund independent auditors report (IAR) effective for reporting periods starting on or after 1 July 2019. This form replaces the previous IAR that was effective for reporting periods on or after 1 July 2016. The changes bring the IAR in line with the equivalent form prepared by auditors of Australian Prudential and Regulation Authority (APRA) funds

09.01.2022 There will be no gross domestic product (GDP) adjustment for GST and pay as you go (PAYG) instalments for 202021. Legislation received royal assent on 19 June 2020 which suspends indexation for the 202021 income year in response to the impacts of COVID-19.

07.01.2022 The ATO has reminded of the due dates for lodgment of self-managed superannuation fund (SMSF) 2019-20 annual returns. The due date of Saturday 31 October 2020 applies for SMSFs that failed to lodge previous years annual return on time and new SMSFs preparing their own annual return. The due date of Sunday 28 February 2021 applies for SMSFs that intend to lodge through a tax agent, including new SMSFs unless otherwise notified by the ATO. An approved SMSF auditor is also required to be appointed for an SMSF no later than 45 days before the applicable due date for lodgment.

07.01.2022 SMSF auditors - ATO issues of concern The ATO has found the following issues when reviewing the performance of SMSF auditors: -Auditor independence -Knowledge of super laws... -Insufficient documentation -Failure to report contraventions to the ATO. Where the ATO finds matters of concern, appropriate actions may include referral to Australian Securities & Investments Commission (ASIC). See more

06.01.2022 A legislative instrument has been made to allow certain former Australian Defence Force (ADF) members to continue to contribute to ADF Super after leaving the ADF. The Australian Defence Force Superannuation Amendment (Trust Deed Contributions) Instrument 2020 (F2020L00878) enables former ADF members who have provided at least 12 continuous months of service to elect ADF Super as their fund of choice for their new employment and continue to make contributions to their ADF Super account.

06.01.2022 A legislative instrument has been made to increase the age at which the work test applies and the cut-off age for spouse contributions for superannuation, with the changes applying to contributions made from 1 July 2020. https://www.icaresmsf.com.au/super-regs-on-work-test-and-s/

06.01.2022 The 50% reduction in pension payments also applies to both account based pensions and Market Linked Income Streams in 2020/21 financial year.

05.01.2022 ATO officers will consider various factors including voluntary disclosure, seriousness of a contravention and actions taken to rectify it, when deciding on remission of penalties imposed on self-managed superannuation fund (SMSF) trustees, under guidance in Law Administration Practice Statement PS LA 2020/3.

05.01.2022 A temporary email service for SMSF trustees and their agents to help where a commutation authority has been issued ATO [email protected] It can be used any time between now and 31 August 2020.

04.01.2022 The ATO has reminded that self-managed super funds (SMSFs) unable to meet their lodgment date should obtain a deferral before the due date. An SMSF that is more than two weeks overdue on any annual return and has not requested a deferral will receive a status on the Super Fund Lookup of Regulation details removed. This status means that: Australian Prudential Regulation Authority (APRA) funds will not roll over member benefits to the SMSF, and employers will not make super ...guarantee contribution payments for members of the SMSF. Funds that have an annual return due date of Saturday, 31 October 2020 will have until 2 November 2020 to lodge. See more

04.01.2022 The ATO have recently identified a new scheme where SMSF trustees were informed that they can set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF in an attempt to avoid paying potential tax liabilities.

04.01.2022 The Government has allowed SMSF members affected by the Coronations to access up to $10,000 of their member balance for 2020 and 2021 financial years respectively. https://www.icaresmsf.com.au/temporary-early-access-to-you/

02.01.2022 In-house asset restrictions relaxed due to COVID-19 https://www.icaresmsf.com.au/in-house-asset-restrictions-r/

02.01.2022 The ATO has reverted the Self-managed super fund independent auditors report (IAR) instructions that provided auditors would not need to modify their opinion for certain contraventions arising from COVID-19. The IAR instructions have been reverted to their original wording, requiring auditors to modify their opinion for any material breach identified. The ATO had previously updated the IAR instructions so that auditors were not required to modify their opinion in Pt B of the IAR for specified contraventions relating to COVID-19 relief for the 2019-20 and 2020-21 income years. Auditors correctly relying on the previous version of the instructions in the last few months for 2019-20 audits will be taken to have met their reporting obligations during this period.

02.01.2022 The ATO has recently published Evidence to support real property valuations which outlines the ATO’s evidence approach and requirements for real property valuations. https://bit.ly/3ouuOcg

01.01.2022 ATO has clarified how superannuation funds should report death benefit rollovers, in light of the recent retrospective legislative changes to the treatment of the untaxed element of death benefit superannuation lump sums . ATO has set out how funds should report death benefit rollovers from fully taxed superannuation funds and rollovers from an untaxed or hybrid fund.

01.01.2022 The Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020 was passed by Parliament on 15 March 2021. The measures in the Bill will facilitate the closure of eligible rollover funds (ERFs) by 30 June 2021. The balance of all ERF accounts less than $6,000 on 1 June 2020 will be required to be transferred to the ATO by 30 June 2020. All remaining ERF accounts will be required to be transferred to the ATO by 30 June 2021. The Bill now awaits assent.