SMSF Sole Purpose Test The sole purpose test is a test the ATO uses to ensure that SMSF trusts are operating with the intention of only benefitting from their funds through the sole purpose of either retirement or in the event of a member’s death. While the way that...
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...
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....
New SMSF Penalty Regime The new penalty regime for SMSF trustees will now proceed according to a recent announcement. The new laws will give the ATO power to issue a range of penalties to trustees of SMSF that breach the superannuation laws from 1 July 2014. The new...
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...
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...
