With just two weeks remaining until the financial year wraps up, getting an SMSF ready for tax time involves ensuring there is a smooth audit process.

In this episode of the SMSF Adviser podcast, hosts Keith Ford and Aaron Dunn are joined by well-known industry auditor Deanne Firth, director of Tactical Super.

Firth offers some valuable insights and timely reminders for SMSF trustees and auditors to prioritise compliance and leverage available resources to streamline their processes.

Listen as they discuss:

• Obtaining the necessary evidence for valuations, especially concerning private and unlisted companies.
• The timing of audits and the importance of proactive engagement with clients.
• The challenges with valuing unlisted assets, particularly private companies with unique business models.
• The complexities of SMSFs investing in start-up ventures.
• Loans within SMSFs.
• Technology and AI in the SMSF sector.

As the end of the financial year approaches, SMSF professionals are gearing up to navigate the complexities of superannuation contributions and tax planning. In this episode of the SMSF Adviser Show, industry stalwart Liam Shorte, director of Sonas Wealth, explains the essential areas that advisers and accountants should address in the next three weeks to optimise super strategies for their clients.

Managing clients’ total super balance (TSB) effectively is right at the top of the list, with Shorte explaining the importance of having accurate information and why it’s not always a good idea to maximise unused contribution caps if there are any uncertainties around the exact figures.

Listen as they discuss:

• How to access accurate superannuation data through the ATO.
• How to ensure that 2024 financials are reported promptly.
• Contribution strategies for different age cohorts and how they can benefit future planning.
• The increasing problem of debt for those approaching 60.
• Extension of tax planning to age 75.

The $3 million super tax has been headline news around the country over the past couple of weeks and has finally made the front pages of the mainstream media. In this episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn highlight a critical aspect of the debate that has captured the media’s attention: the difference between the perception and the reality of the implications of the Division 296 tax.

Listen as they discuss:

• The misconceptions and a lack of understanding about the legislation's nuances.
• The political dynamics surrounding Div 296 and its complexities.
• The broader implications of Div 296, particularly its potential impact on estate planning and family businesses.
• The need for advisers to play a crucial role in guiding clients through the complexities of the new tax laws.