In House Asset SMSF

There are numerous investment restrictions placed on super fund trustees by SMSF rulings. These include very stringent restrictions on any investment that involves a fund member, a relative of a member or any related company or trust. In House Asset SMSF An in house asset  is defined by ATO as a loan to or an investment in a related party. …

Life Insurance through SMSF

Since August 2012, SMSF trustees are mandated by law to consider the appropriateness of life insurance for fund members.  SMSF trustees are not required by law to take out life insurance, however they do need to consider if it is appropriate.  Typical insurance consideration would include level of cover and the type of cover such as Life,  total and permanent …

How to Set Up an SMSF

It is important you obtain professional advice before your SMSF set up to ensure it is set up properly so that it’s eligible for tax concessions and easier to manage once it’s up and running. If your SMSF is not set up properly, it may cause significant issues in the future. SMSF Set Up Checklist Step 1 Decide how many …

SMSF Trust Deed Update | When should I update my Trust Deed?

The Trust Deed of a Self Managed Superannuation Fund governs the operation of the Fund. If the Trustee of a SMSF is permitted under the Superannuation legislation to undertake particular actions, it is still generally not able to do so unless permitted by the Trust Deed. Therefore, it is important to ensure that the Trust Deed remains current and that …

Letter of Compliance | SMSF ATO

Your new employer will request a Letter of Compliance issued by ATO to make employer contributions to your SMSF. The SMSF Notice of Compliance, also sometimes called a letter of compliance, is a document issued by the ATO to an SMSF. According to the ATO “an SMSF that holds a notice of compliance that is till in effect is eligible …

Tougher Rules for non-lodgement of SMSF annual returns

The Australian Taxation Office will take a tougher stance on the non-lodgement of SMSF annual returns. SMSFs which have two years or more of overdue lodgements will have their regulation details removed from Super Fund Lookup. ATO will keep the regulation details off Super Fund Lookup until an SMSF’s lodgements are up to date and that will potentially affect rollovers …

ATO clarifies minimum shortfall rules for pensions

Have you met the minimum pension payment for the financial year? In the Draft Taxation Ruling 2010/D3 the ATO proposed a position that if a superannuation fund did not meet the minimum pension payments for a member in a given year, then the fund could not treat that member balance amount to be in pension phase from the beginning of …

Is your SMSF SuperStream Ready?

What is SuperStream standard? The Superstream standard is part of the government’s Super Reform package. It will provide a consistent, reliable electric method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollover and contributions, and reduce the number of lost accounts and …

Property Revaluation & SMSF

Do properties held by SMSF need to be revalued every year? Currently, there is no specific legislation that requires properties held by SMSF to be revalued every year. However, independent SMSF auditor will require the financial statements presented to be a fair and accurate representation of the assets of the fund. The auditor must be provided with evidence that the …