AAT overturns ASIC disqualification of SMSF auditor

The Administrative Appeals Tribunal has overturned the disqualification of an SMSF auditor by ASIC. Mr Taylor SC, Senior Member for the AAT, said in his decision that he was satisfied that “Mr [Manoj] Abichandani is a fit and proper person to be an approved SMSF auditor for the purposes of the Act” and did not… Continue reading AAT overturns ASIC disqualification of SMSF auditor

Former SMSF trustee fails to have disqualified status waived

A former SMSF trustee has failed to have a disqualification waived following an appeal of an ATO decision to the Administrative Appeals Tribunal (AAT). In Shaw and Commissioner of Taxation [2015] AATA 288 (1 May 2015) Mr Shaw failed in a bid to have a disqualification from being an SMSF trustee waived.

SMSF trustees penalised for sham loan involving SMSF

Two SMSF trustees have been penalised for a sham loan involving their superannuation fund, in the ruling Morrison and Commissioner of Taxation [2015] AATA 114 (27 February 2015)*. The ruling describes how the taxpayers wished to purchase an apartment, for which they would need to borrow. They could obtain $600,000, half the amount required, from an… Continue reading SMSF trustees penalised for sham loan involving SMSF

Dates and payment methods key to avoid excess contributions

Yet again an Administrative Appeals Tribunal (AAT) decision has shown the importance of dates and payment methods for avoiding making excess contributions to superannuation. This is particularly the case when making super contributions around the end of the financial year. As described in the case of Hope and Commissioner of Taxation [2014] AATA 877, Mr and Mrs… Continue reading Dates and payment methods key to avoid excess contributions

Early access to super: ‘fee’ included in assessable income

The Administrative Appeals Tribunal (AAT) has released another decision which shows that it does not pay to participate in superannuation early access schemes. The decision of Vuong and Commissioner of Taxation [2014] AATA 402 (23 June 2014) following the ATO disallowed two objections by the taxpayer in relation to an early access scheme they participated in, including a significant… Continue reading Early access to super: ‘fee’ included in assessable income

Disregarding Excess Non-Concessional Contributions

Following shortly after the announcement in the 2014 Federal Budget that there would be a change to allow for excess non-concessional contributions could be refunded from an SMSF comes a case from the Administrative Appeals Tribunal (AAT) showing when such a change would benefit SMSF members. In the case of Thompson and Commissioner of Taxation [2014] AATA… Continue reading Disregarding Excess Non-Concessional Contributions