The ‘Green Army’ is a Coalition policy to “gradually build to a 15,000 strong environmental workforce.” But this workforce isn’t entitled to superannuation guarantee contributions.
The SMSF Auditor Contravention Report (ACR), also known as the Auditor/actuary contravention report, is an approved form used by SMSF auditors to report contraventions of the SIS Act (SISA) and Regulations (SISR) to the ATO.
The ATO has issued an interpretative decision outlining their view on when work at sea with be ‘work done outside Australia’ for superannuation guarantee purposes, ATO ID 2015/24 Superannuation guarantee: work done outside Australia.
The ATO has issued a new ruling stating that journal entries to not satisfy the requirement to cash a superannuation death benefit, after withdrawing two recently issued rulings on the same topic: ATO ID 2015/23 Superannuation: Member’s benefits in a regulated superannuation fund must be ‘cashed’ upon death by being paid – mere journal entries insufficient.
A recent ATO decision has reinforced the care that must be taken when commuting complying lifetime pensions, as the allocation of the reserves could result in some of the balance being classified as a concessional contribution.
SMSF trustees have an obligation to keep records of the activities of their super fund. Failing to keep SMSF records can result in fines and penalties, increased accounting and audit costs, and issues with the ATO.