As of June 2017, SMSFs (Self Managed Super Funds) are responsible for the largest portion of super funds in Australia. As of March 2017, there were approximately 1.13 million SMSF trustees running well over half a million (596,516) SMSFs. So what are the current SMSF Trustee trends ? Nearly two-thirds of trustees are over 55, but, the dominance of this age …
Updating Your SMSF Trust Deed
It is important to have a robust and up-to-date trust deed for your SMSF. Over the years there have been many changes to government requirements around how SMSFs are managed. Whenever the government make changes to SMSF regulations or requirements this is an essential time to check your existing trust deed for your SMSF and ensure it is compliant. Currently, …
Education for SMSF Trustees – ATO SMSF Trustee Education Tool
Are you new trustees to SMSF or looking to improve your knowledge as existing SMSF trustees? Australian Taxation Office lists a number of free online SMSF Trustee Education tool to assist the new trustees. The trustees may access these courses either due to ATO direction or by trustee’s choice. ATO encourages SMSF trustees to take these courses to improve their understanding …
SMSF Capital Gains Rules and how they affect your investments
SMSF capital gains rules state that if you make a net capital gain, it will be included in your SMSF’s assessable income. SMSFs have flat tax rate of 15%. Complying SMSFs are entitled to a CGT discount of 1/3 if the relevant asset had been owned for at least a year. Net capital gain is calculated as per below; Total …
Can you have a Single Member SMSF?
Can you have a single member SMSF? Yes you can. There are two options in creating a single member SMSF. Corporate trustee – A corporate trustee is established to act as the trustee of the fund in which the single member is the sole director. Individual trustee – For individual trustees, you are required to appoint two trustees. The single …
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 …
How to convert your SMSF into a corporate trustee from an individual trustee
There are many reasons why using a corporate trustee is better for your Self Managed Super Fund than individual trustees. The cost of registering a company far outweighs the savings which might be made, the convenience which would be achieved and the personal liability protection which results by using a corporate trustee for an SMSF. What is involved in converting …