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Comments

  1. hi trish
    i am totally confused
    i am 57 & retired & i do not want to work full stop. my accountant has told me that i cannot make contributions to my smsf when i am 60 as i have stopped work
    you seem to say you can till 65
    regards robin

  2. John Allen says:

    I set up our SMSF in Sep 08 using professional documentation and engaged a local accountancy firm to prepare the tax returns and obtain an independent audit. The latter was provided by the accountant’s partner. I put my account into pension phase almost right away and made a small non-concessional contribution each year, usually $1,000 at the end of June, 09 and 11, but one contribution was of $4,500 in August 2009, the fund going on to make a good profit that year. (I satisfied the work test each year). My accountant merged all of these contributions with my pension account without obtaining any actuarial certificates or establishing an accumulation account to receive them. After reading your excellent column and researching ATO & SISS I broached him about it. At first he assured me it had all been done correctly, then admitted they were not, but refused my request that he re-submit corrected returns to ATO with full disclosure right away, preferring to await advice from the new auditor who will perform this task, in place of his partner, as of 2011/12 year onward, advice which may be received some time in the future or not, but I don’t believe he/she will have the authority to advise other than full and immediate correction or is my accountant right in saying that the amounts are so small it doesn’t matter? Your opinion on that would be most helpful.

  3. I am wondering if you have any discussions on WRAP products. It appears they are becoming more popular. I know my Superannuation Fund with Onesource is changing to Wrap Super. Is this a good thing. Apparently my financial advisor tells me it won’t affect me. But I would like to read something about them from you, or can you direct me to some reading in a previous article.
    Thank you
    Marie

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